Wall Street rose modestly Thursday after two days of strong gains. Lackluster jobs data and mixed earnings sent investors back to growth and tech stocks.
Matson Money CEO Mark Matson says investors have sunk too much money into tech stocks.
“Many investors are highly focused, highly allocated to the S&P and tech stocks and we think avoiding diversification and loading up on two assets --- not very smart.”
A pullback in cyclical stocks muted the Dow’s and S&P 500’s gains. The blue chip index closed nearly flat. The S&P 500 inched up a fifth of a percent, and the Nasdaq added a third of a percent.
Domino’s Pizza shares shot up nearly 15% to a record high, topping the S&Ps’s list of gainers. New items like cheeseburger and chicken taco pizza whipped up demand, helping the restaurant chain push quarterly profit and revenue past analysts’ estimates. Domino’s also authorized a new $1 billion share buyback plan.
The biggest decliner on the S&P: Texas Instruments, falling 5%. The chipmaker’s quarterly revenue forecast disappointed Wall Street, leaving investors concerned about the company’s ability to meet demand amid a global shortage.
After the bell, shares of Twitter jumped sharply higher. The social media platform’s quarterly revenue grew faster than analysts had expected. The company said changes by Apple to keep iPhone user data private had dented ad revenue less than anticipated.
Also after hours: Intel shares fell even though the chip maker raised its annual revenue forecast.