U.S. stock indexes were trading largely flat in a choppy session on Tuesday on worries over the impact of rising inflation on upcoming third-quarter earnings, while Tesla gained after record China-made vehicles sales. Eight of the 11 major S&P 500 sector rose, led by defensive utilities, real estate, and consumer staples shares, which investors prefer during economic uncertainty. The communication services sector dropped 1.2 percent, while mega-cap growth names including Microsoft Corp., Apple Inc., Alphabet Inc., and Facebook Inc. weighed the most on the S&P 500 and the Nasdaq. But Tesla added 1.8 percent after data showed the electric vehicle maker sold 56,006 China-made vehicles in September, the highest since it started production in Shanghai about two years ago. Higher oil prices coupled with supply chain disruptions have set off alarm bells for businesses and consumers in the run-up to quarterly reports from companies, which will start with JPMorgan Chase …
Wall Street Flat on Concerns Over Inflation Impact on Profits
October 12, 2021
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