Tech stocks lift Nasdaq, S&P 500; Netflix soars after results
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Netflix projects continued growth through year-end
CVS falls after replacing CEO
American Express, SLB down following results
Indexes: Dow down 0.09%, S&P 500 up 0.27%, Nasdaq up 0.52%
Updated at 12:05 p.m. ET/1605 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 18 (Reuters) - The S&P 500 and the tech-heavy Nasdaq gained ground on Friday, bolstered by technology stocks, while Netflix surged after exceeding subscriber growth estimates.
Shares of Netflix NFLX.O jumped 10.2% to a record high after the streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year.
The Dow was dragged lowerby American Express AXP.N, which lost 3.6% after its quarterly revenue missed estimates.
Meanwhile, all the so-called MagnificentSeven stocks, which have driven much of Wall Street's rally this year, rose.
Apple AAPL.O gained 1.2% after data showed a sharp increase innew iPhone sales in China, while chip heavyweight Nvidia NVDA.O added 0.6% after BofA Global Research hiked its price target on the stock.
Netflix's gains lifted the Communication Services sector .SPLRCL 1%, while Information Technology .SPLRCT rose 0.4%
An upbeat start to the quarterly earnings seasonand broadly positive economic data have put the three main indexes on track to log their sixth straight week of gains.
However, stretched valuations - the S&P 500 is trading at nearly 22 times forward earnings - along with high expectations for corporate results and potential volatility around November's U.S. presidential elections, could leave stocks vulnerable to a pullback.
"We had good earnings out of Netflix this morning, some good housing data and sentiment in general has been quite well," said Dustin Thackeray, chief investment officer, Crewe Advisors.
"Now is maybe a bit of a waiting game to see how things shake out with (the upcoming U.S. election) and then the subsequent Fed meeting a couple days later, to see if there is any sort of a pause in the coming meetings through the remainder of the year."
TheDow Jones Industrial Average .DJI fell 39.97 points, or 0.09%, to 43,199.96, the S&P 500 .SPX gained 15.92 points, or 0.27%, to 5,857.39, and the Nasdaq Composite .IXIC gained 95.02 points, or 0.52%, to 18,468.63.
The small-cap Russell 2000 .RUT was set to outperform major indexes in the week with a 2% weekly gain, although it edged down 0.1% on the day.
CVS Health CVS.N slumped 9.3% after itreplaced CEO Karen Lynch with company veteran David Joyner and withdrew its 2024 profit forecast. It was the biggest decliner on the benchmark index.
SLB SLB.N fell 3.2% following results, while Procter & Gamble PG.N rose 0.1%.
Meanwhile, U.S. listings of Chinese companies moved higher after China's centralbank launched funding schemes aimed at boosting the equity market. Alibaba BABA.N gained 1.7% andJD.com JD.O rose 2.2%.
Expectations for the U.S. Federal Reserve to ease interest rates by 25 basis points at its Novembermeeting stood intact, at about 90%, according to CME's FedWatch.
In economic data, single-family housing starts increased 2.7% to a seasonally adjusted annual rate of 1.027 million units in September.
Advancing issues outnumbered decliners by a 1.41-to-1 ratio on the NYSE, and by a 1.32-to-1 ratio on the Nasdaq.
The S&P 500 posted 42 new 52-week highs and two new lows, while the Nasdaq Composite recorded 109 new highs and 27 new lows.
Netflix returned more to shareholders in 20 years https://reut.rs/3YsYfzS
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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