Chip stocks lead S&P, Nasdaq to record highs

Make it six in a row....

That's how many days the S&P 500 and the Nasdaq have closed at record highs.

The Dow, however, was left out of Thursday's rally.

Blue chips dropped 33 points. The S&P 500 gained 19. The Nasdaq jumped 128.

Investors had a bevy of economic data to sort through....

America's trade deficit surged to a record $80.9 billion in September...

Separately, wage inflation continues to be a problem for employers. Unit labor costs surged at an 8.3% annualized rate in the third quarter. Worker productivity had its biggest plunge in 40 years, according to the Labor Department.

And in the final economic snapshot: new applications for unemployment benefits remained below 300,000 for the fourth week in a row, dropping close to a 20-month low.

The market is now geared up for the government's release of the all-important hiring report, says Crossmark Global Investments' Victoria Fernandez.

"So we had some really good economic reports coming out this morning in regards to the labor market. Obviously, the big labor report comes out on Friday, but for this morning we did see jobless claims come down and that was a positive. So I think it's maybe setting people up for a little positive anticipation of tomorrow's report."

The better-than-expected third-quarter earnings season kept stocks afloat.

Qualcomm surged after its quarterly results. The world's biggest supplier of chips to mobile devices beat sales and profit forecasts and gave an upbeat outlook for the current quarter. Investors see that as a sign the crunch caused by a global chip shortage may be easing. Shares of Qualcomm surged nearly 13 percent.

After the close:

Sales at Uber came in ahead of targets. The ride-hailing and food-delivery app posted its first adjusted profit since it launched more than a decade ago.

Airbnb topped sales forecast and even though profits surged by nearly four times, that was still below expectations.

Bad news for Peloton investors. The exercise company swung to a quarterly loss, guided sales for the holiday quarter below market estimates and cut it's full-year forecast. The stock plunged in after-hours trading.

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