S&P, Nasdaq rally to records as semiconductors jump

U.S. equity markets ticked to record highs Thursday as investors continued to parse through quarterly earnings reports.

Ticker	Security	Last	Change	Change %
SP500	S&P 500	4967.23	-43.89	-0.88%
I:COMP	NASDAQ COMPOSITE INDEX	15282.009722	-319.49	-2.05%
I:DJI	DOW JONES AVERAGES	37986.4	+211.02	+0.56%

The S&P 500 and the Nasdaq Composite climbed 0.16% and 0.38%, respectively, to both finish at all-time highs. The Dow Jones Industrial Average, meanwhile, slipped 0.02%, ending just off its own record peak.

The mixed session came a day after President Biden held his first call with Chinese President Xi Jinping.

"President Biden affirmed his priorities of protecting the American people’s security, prosperity, health, and way of life, and preserving a free and open Indo-Pacific," the White House said.

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In stocks, semiconductors rallied after the Biden administration promised to investigate and assist with the global chip shortage impacting automakers and others.

Ticker	Security	Last	Change	Change %
MU	MICRON TECHNOLOGY INC.	106.77	-5.16	-4.61%
INTC	INTEL CORP.	34.20	-0.84	-2.40%
NXP	NUVEEN SEL T-F P 3 FD	14.02	+0.01	+0.07%

On the IPO front, dating-app developer Bumble Inc. soared 64% in its debut. Shares settled at $70.31 apiece pricing at $43 on Wednesday evening.

In earnings, Uber Technologies Inc.’s quarterly net loss narrowed by 20% as a booming food-delivery business helped to partially offset further weakness in ride-sharing.

Ticker	Security	Last	Change	Change %
UBER	UBER TECHNOLOGIES INC.	69.20	-2.10	-2.95%
PEP	PEPSICO INC.	174.13	+1.86	+1.08%

PepsiCo Inc. said quarterly revenue rose 8.8% from a year ago as the COVID-19 pandemic led to increased demand for snacks and beverages. The company expects earnings and revenue growth to “be consistent” with its long-term objectives.

MGM Resorts International saw a 53% year-over-year decline in quarterly revenue as its casino business in Las Vegas and Macau continued to reel in the wake of COVID-19. The company expects demand in Las Vegas to return later this year and said its sports betting unit, BetMGM, will be in 20 markets by yearend.

Ticker	Security	Last	Change	Change %
MGM	MGM RESORTS INTERNATIONAL	42.42	+0.37	+0.88%
DIS	THE WALT DISNEY CO.	112.61	+0.18	+0.16%

Walt Disney Co. ticked higher ahead of the release of its quarterly report after markets close.

In deals, Kraft Heinz Co. agreed to sell its nuts business to Hormel Foods Corp. for $3.35 billion in cash. The deal includes the Planters nut brand, NUT-rition, Planters Cheez Balls and Corn Nuts brands.

Ticker	Security	Last	Change	Change %
KHC	THE KRAFT HEINZ CO.	37.78	+0.67	+1.81%
HRL	HORMEL FOODS CORP.	34.75	+0.37	+1.08%

Shares of cannabis companies were under pressure Thursday following a big run-up amid continued speculation that major reform could take place with Democrats controlling the White House and both chambers of Congress.

Ticker	Security	Last	Change	Change %
TLRY	TILRAY BRANDS INC.	1.73	+0.01	+0.58%
CGC	CANOPY GROWTH CORP.	7.93	+0.10	+1.28%
ACB	AURORA CANNABIS INC.	6.46	-0.07	-1.15%

Energy stocks retreated as West Texas Intermediate crude oil fell 44 cents to $58.24 per barrel. Gold, meanwhile, slid $15.70 to $1,824.90 an ounce.

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Overseas markets were higher across the board with Germany’s DAX 30 leading the advance in Europe, up 0.77%, while France’s CAC 40 and Britain’s FTSE 100 were little changed.

In Asia, Japan’s Nikkei 225 edged up 0.19% while Hong Kong’s Hang Seng index rose 0.45% in a half-day of trading ahead of the Chinese New Year break. China’s Shanghai Composite was closed.