Mondelez, tech bonds lift S&P, Nasdaq


(Reuters) – A arise in record bonds and clever benefit from Oreo cookie builder Mondelez buoyed a SP and a Nasdaq on Tuesday, while a decrease in Pfizer weighed on a Dow.

Mondelez (MDLZ.O) jumped scarcely 6.23 percent after a association reported better-than-expected distinction and income on cost cuts and aloft direct in Europe and Latin America.

A 7.76 percent swell in Kellogg’s (K.N) shares following a warn arise in quarterly sales helped a SP consumer staples index .SPLRCS benefit 0.48 percent.

“We’re still in a thick of benefit and have seen some high-profile companies pushing a marketplace a lot,” pronounced Randy Frederick, clamp boss of trade and derivatives for Charles Schwab in Austin, Texas.

The benefit deteriorate is being closely tracked to clear stretched valuations and formula have been mostly above expectations.

With some-more than half a SP 500 components reported, third-quarter benefit are estimated to have climbed 6.7 percent, adult from an expectancy of 5.9-percent expansion during a start of October, according to Thomson Reuters I/B/E/S.

The Federal Open Market Committee starts a two-day assembly in Washington to plead seductiveness rates amid an imminent proclamation on a subsequent Fed chair.

President Donald Trump is expected to collect Fed Governor Jerome Powell as a subsequent conduct of a U.S. executive bank on Thursday. U.S. Treasury yields fell after a news on Monday as Powell is seen as some-more dovish than other contenders.

The executive bank is expected to refrain from lifting rates after a meeting, with economists awaiting a travel usually in December, according to a Reuters poll.

“The bigger news as distant as economics goes is a payroll numbers on Friday.”

At 9:37 a.m. ET (1337 GMT), a Dow Jones Industrial Average .DJI was adult 6.18 points, or 0.03 percent, during 23,354.92, a SP 500 .SPX was adult 2.57 points, or 0.10 percent, during 2,575.4 and a Nasdaq Composite .IXIC was adult 15.40 points, or 0.23 percent, during 6,714.36.

Pfizer (PFE.N) shares fell 1.3 percent notwithstanding a drugmaker’s distinction kick and upbeat forecast.

Under Armour (UAA.N) slumped 14.75 percent after a association slashed 2017 sales and distinction forecasts and reported a initial year-on-year tumble in revenue. Bigger opposition and Dow member Nike (NKE.N) declined about 1 percent.

Qualcomm (QCOM.O) dipped 6.35 percent after Reuters reported that Apple (AAPL.O) has designed iPhones and iPads that would dump chips granted by Qualcomm.

Advancing issues outnumbered decliners on a NYSE by 1,649 to 900. On a Nasdaq, 1,605 issues rose and 721 fell.

Reporting by Sruthi Shankar; Editing by Sriraj Kalluvila


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