One of the companies most linked to the U.S. economy surged, even as a key GDP report missed expectations.
 | THU, OCT 28, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 152.57 | +3.72 | +2.50% | | INTC | 48.08 | +0.19 | +0.40% | | MRK | 86.55 | +5.01 | +6.14% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | F | 16.86 | +1.35 | +8.70% | | AAPL | 152.57 | +3.72 | +2.50% | | AMD | 121.16 | -1.12 | -0.92% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 152.57 | +3.72 | +2.50% | | AMD | 121.16 | -1.12 | -0.92% | | FB | 316.92 | +4.70 | +1.51% | |
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On Thursday, the stock market delivered an unusual divergence: One of the companies most linked to the U.S. economy surged, even as a key GDP report missed expectations. Shares of Ford jumped 8.7%, notching their best day of the year, after the legacy automaker beat expectations in its third-quarter earnings report. The company, which reported results Wednesday, also announced that it would reinstate its dividend and raised its full-year guidance.  The stellar quarter and optimistic comments from Ford's management is part of a broader trend of executives downplaying economic concerns, said Jeffrey Kleintop, chief global investment strategist at Charles Schwab. "Corporate leaders, while they have been mentioning supply chain issues, they've been dismissing them," he said. "Saying 'hey, we're overcoming these issues' rather then blaming them for poor results. So you get good news, like Caterpillar today or Ford, everyone talking about powering through the quarter and lifting forecasts, and maybe even dividends as well." Earlier in earnings season, manufacturing stocks appeared to be struggling even after companies beat expectations, but that trend appears to be reversing, Kleintop said. "Maybe the market is coming around to this idea that the supply chain problems are fading a little bit, and maybe that's some of the reason why some of the optimism is back," the strategist said. |
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