US: Stocks mostly up amid earnings deluge

[NEW YORK] Wall Street stocks mostly rose early Friday following another trove of earnings reports, with chip company Intel and toymaker Mattel moving in opposite directions.

Trading has been dominated this week by first-quarter earnings. Although the results have been generally strong, stocks have been under pressure much of the week after notching multiple records earlier in 2021.

Analysts have pointed to concerns over lofty equity valuations and rising coronavirus cases in India, Japan and other countries.

On Thursday, major indices were jolted lower following reports President Joe Biden plans to propose a big jump in capital gains taxes on the wealthiest.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.1 per cent at 33,797.39.

The broad-based S&P 500 added 0.3 per cent at 4,148.72, while the tech-rich Nasdaq Composite Index advanced 0.6 per cent to 13,898.88.

Dow member Intel slumped 7.1 per cent despite reporting better-than-expected results. Analysts pointed to disappointment over the chipmaker's forecast.

Mattel jumped 8.7 per cent as it reported a US$115.2 million loss, but a 47 per cent surge in revenues to US$874.2 million behind higher sales of "Barbie" and other prominent brands.

AFP