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MarketWatch MarketPulseOct 28, 2021
Stocks open higher, shrugging off GDP slowdown as investors focus on earnings
Stocks opened slightly higher Thursday, with investors looking past a sharper-than-expected slowdown in third-quarter economic growth as strong corporate earnings results continue to roll in. The Dow Jones Industrial Average rose 105 points, or 0.3%, to 35,596, while the S&P 500 gained 21 points, or 0.5%, to trade at 4,573. The Nasdaq Composite rose 64 points, or 0.4%, to 15,300. The U.S. economy grew at an annualized rate of 2% in third-quarter, according to an initial reading of gross domestic product, the official scorecard of the American economy. The reading marked the slowest growth rate since the 2020 recession and was far weaker than expectations of 2.8%, slowing from 6.7% in the second quarter.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

MarketWatch MarketPulseOct 27, 2021
Financial stocks suffer broad weakness as Treasury yields drop, Capital One's results disappoint investors
Financial stocks took a broad hit Wednesday, as investor disappointment over Capital One Financial Corp.'s third-quarter results and the biggest drop in benchmark Treasury yields in three months acted as drags on the sector. The SPDR Financial Select Sector ETF fell 1.2% in afternoon trading with 57 of 65 equity components trading lower, while the S&P 500 tacked on 0.2%. Capital One's stock tumbled 7.5% to pace the losers even after the financial services company reported third-quarter earnings that rose above expectations, helped by a $770.0 million reserve release. If the reserve release was excluded, the company would have posted a net income decline, and earnings per share would have been reduced by about $1.75. Among other more heavily weighted components of the financial ETF (XLF), shares of Bank of America Corp. shed 1.3%, JPMorgan Chase & Co. gave up 1.9%, Wells Fargo & Co. fell 0.4%, Citigroup Inc. lost 0.7% and Goldman Sachs Group Inc. gave up 1.0%. The yield on the 10-year Treasury note fell 8.4 basis points to 1.535%, the biggest one-day drop in yields since July 19, after data showing a decline in durable goods data. Lower long-term yields can eat into bank profits, as that can lower the spread banks earn as they fund longer assets, such as loans, with shorter term liabilities.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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