S&P 500 hits record high on chip stocks; corporate results, key data in focus
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Caterpillar falls after Morgan Stanley downgrades rating
Boeing slips after job-cut plans, jet delivery delay
B. Riley Financial soars after company says will sell unit
Indexes: Dow down 0.10%, S&P 500 up 0.51%, Nasdaq up 0.86%
Updated at 09:46 a.m. ET/1346 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 14 (Reuters) - The S&P 500 and Nasdaq rose on Monday, with the benchmark index touching an intraday record high as investors geared up for a week packed with corporate earnings and crucial economic data that will likely test stretched stock market valuations.
Chip stocks drove the gains, with the S&P 500 building on the record close it notched on Friday after major banks kicked off the third-quarter corporate earnings season on a positive note.
Growth stocks such as Nvidia NVDA.O and Apple AAPL.O gained 2.2% and 1.6%, respectively. An index of semiconductor companies .SOX jumped to a more than two-month high.
Five of the 11 S&P 500 sectors inched higher, with Technology shares .SPLRCT in the lead, gaining 1.5%. Energy .SPNY fell 0.4%, tracking lower oil prices. O/R
The Dow, however, was bogged down by Caterpillar CAT.N, which dipped 3% after Morgan Stanley downgraded the equipment maker to "underweight" from "equal weight".
The Dow Jones Industrial Average .DJI fell 42.89 points, or 0.10%, to 42,820.42, the S&P 500 .SPX gained 29.72 points, or 0.51%, to 5,844.75 and the Nasdaq Composite .IXIC gained 158.43 points, or 0.86%, to 18,501.37.
Boeing BA.N also dragged on the Dow and was down 2.4% afterthe planemakerflagged a larger-than-expected Q3 loss on Friday. It also saidit would cut 17,000 jobs and delay first deliveries of its 777X jet by a year.
Bank earnings may have boosted hopes that solid results could help stocks continue their strong 2024 run. However, with stock valuations stretched - the S&P 500 is trading at 21.8 times forward earnings, versus a long-term average of 15.7 -
companies might struggle to satisfy investors.
"We closed pretty strong on Friday, thanks to the bank earnings results. JPMorgan was clearly the standout, setting a tone of optimism going into a bigger part of earnings season this week," said Michael James, managing director of equity trading at Wedbush Securities.
Forty-one S&P 500 companies are expected to report results this week, including Bank of America BAC.N, Citigroup C.N, Johnson & Johnson JNJ.N and Netflix NFLX.O.
Year-over-year third-quarter earnings growth for the S&P 500 is estimated at 4.9%, according to data compiled by LSEG onFriday.
Investors will also watch for crucialeconomic data, notably the Septemberretail sales figures, due on Thursday, for clues on the financial health of U.S. consumers.
Meanwhile, Minneapolis Fed President Neel Kashkari said he sees modest interest-rate cuts ahead as inflation looms near the central bank's 2% target.
Fed Governor Christopher Waller is also scheduled to speak later in the day.
Bets on a 25-basis-point reduction at the Fed's November meeting stood at 84.2%, according to the CME Group's FedWatch tool, as traders dialed back expectations of an outsized cut.
Investment bank B. Riley Financial RILY.O leapt 20% after thecompany said it hadagreed to sell its unit, Great American Group, to asset management firm Oaktree Capital in a $386-million deal.
U.S.-listed shares of Chinese firms dropped, with Alibaba BABA.Ndown 1.3%and PDD Holdings PDD.O losing 3.9%, as investors were left guessing the size of the overall fiscal stimulus China announced onSaturday.
Declining issues outnumbered advancers by a 1.41-to-1 ratio on the NYSE, and by a 1.23-to-1 ratio on the Nasdaq.
The S&P 500 posted 32 new 52-week highs and one new low, while the Nasdaq Composite recorded 79 new highs and 36 new lows.
S&P 500 forward price-to-earnings ratio https://tmsnrt.rs/488LnSw
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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