S&P 500 and Dow set new records, Disney shares jump 3%

The S&P 500 and Dow Jones Industrial Average hit fresh all-time highs on Friday, as both indices looked set to limit a positive high-legged week.

Dow,, S&P 500 i Nasdaq Composite they all traded within 0.1% of their respective lines. The S&P 500 and Dow scored fresh records within the day minutes after the opening bell before equalizing their winnings.

Disney shares jumped 3% in morning trading after reporting a fiscal explosion earnings in the third quarter, helping the Dow set a new record. The media giant shattered Wall Street expectations of Disney + subscriber growth and total revenue and earnings.

Among the S&P sectors, consumer inventories and utilities outperformed as Tyson Foods added 2.4% and FirstEnergy 1%. Energy and industry again performed worse: Hess fell 1.5% and United Rentals withdrew 2.3%.

The blue chip Dow and S&P 500 are on track to end the winning week after gaining 0.8% and 0.6%, respectively, by Thursday. The technically heavy Nasdaq Composite had less success this week, a 0.1% drop.

“While we expect to end the week, the SPX continues to grow more and more due to mixed economic data and a lack of consensus among Fed speakers about when it will start to decline,” wrote Andrew Tyler of JPMorgan. “The bull case remains intact despite the fact that factor / sector leadership remains inconsistent.”

Investors digested mixed economic data on Thursday. Weekly unemployment claims last week were 375,000, which coincided with estimates and fell for the third week in a row. Meanwhile, the producer price index, excluding volatile foods, trade services and energy components, rose 0.9% last month from a 0.5% increase forecast.

“Hot PPI prices / house prices took some of the shine off Wednesday” inflation peaked “caused by the CPI, which boosted very modest profits in cyclical groups after two days of better performance,” said Adam Crisafulli, the company’s founder. Vital Knowledge, it was said in the note.

Shares are rising to record highs after a season of great earnings.

Year-on-year earnings growth is expected to be 92.9%, according to Refinitiv. So far, about 90% of S&P 500 companies have submitted their quarterly report, and about 88% of them have exceeded the earnings estimate of Wall Street analysts, according to Refinitiv.

Airbnb shares fell 1.1% after the travel company issued a warning on instability due to the Covid delta variant.