REFILE-US STOCKS-Wall Street inches higher in pivot back to growth stocks

Reuters

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 (Refiles to add missing word 'and' in paragraph 2)
    * Weekly jobless claims rise unexpectedly
    * Biogen up on raising full-year revenue forecast
    * Airlines dip after Southwest, American Airlines results
    * Indexes up: Dow 0.16%, S&P 0.20%, Nasdaq 0.38%

    By Stephen Culp
    NEW YORK, July 22 (Reuters) - Wall Street edged higher on
Thursday, as lackluster economic data and mixed corporate
earnings sent investors back to growth stocks.
    A pull-back in economically sensitive cyclicals kept the S&P
500's and the blue-chip Dow's gains muted, while small-caps
 .RUT  underperformed their larger rivals.
    But megacap market leaders such as Apple Inc  AAPL.O ,
Amazon.com  AMZN.O , Facebook Inc  FB.O , Google-owner Alphabet
Inc  GOOGL.O  and Microsoft Corp  MSFT.O  rose ahead of their
quarterly results next week, putting the tech-laden Nasdaq out
front.
    All three major U.S. stock indexes currently stand within
0.5% of their record closing highs
    Growth stocks  .IGX , which outperformed throughout the
health crisis, were back in favor, gaining 0.7%, while the value
index  .IVX  lost altitude.
    The number of U.S. workers filing first-time applications
for unemployment benefits  USJOB=ECI  spiked unexpectedly to
419,000 last week, a two-month high, according to the Labor
Department.  urn:newsml:reuters.com:*:nL1N2OX1Y5
    "The market got spooked over jobless claims, but investors
remain focused on earnings instead of the macro data," said
Peter Cardillo, chief market economist at Spartan Capital
Securities in New York. "And earnings so far are better than
expected. It’s a market that’s priced to its heights and there’s
no room for mistakes."
    Market participants are closely watching labor market
indicators for hints as to when the Federal Reserve, expected to
convene next week for its two-day monetary policy meeting, will
begin discussions about hiking key interest rates from near
zero.
    Benchmark Treasury yields eased after the bid at the
largest-ever TIPS auction touched a record low, pressuring rate
sensitive banks.  urn:newsml:reuters.com:*:nL1N2OY1VA
    The Dow Jones Industrial Average  .DJI  rose 55.65 points,
or 0.16%, to 34,853.65, the S&P 500  .SPX  gained 8.84 points,
or 0.20%, to 4,367.53 and the Nasdaq Composite  .IXIC  added
56.12 points, or 0.38%, to 14,688.07.
    Of the 11 major sectors of the S&P 500, tech  .SPLRCT  was
shining brightest, gaining 0.7%. Financial stocks  .SPSY 
suffered the largest percentage drop.
    Second-quarter reporting season barreled ahead at
full-throttle, with 104 of the companies in the S&P 500 having
reported. Of those, 88% have beaten consensus estimates,
according to Refinitiv.
    Analysts currently see aggregate year-on-year S&P earnings
growth of 76.5% for the April to June period, a substantial
increase from the 54% projected at the beginning of the quarter.
    Drugmaker Biogen Inc  BIIB.O  gained 1.2% after hiking its
full-year revenue guidance, while Domino's Pizza Inc  DPZ.N 
surged 14.2% to an all-time high on the heels of its quarterly
report.  urn:newsml:reuters.com:*:nL4N2OY21O  urn:newsml:reuters.com:*:nL4N2OY24W
    Southwest Airlines Co  LUV.N  posted a bigger-than-expected
quarterly loss, sending its stock down 3.5%, and American
Airlines Group Inc  AAL.O  dipped 1.5% even after reporting a
quarterly profit.  urn:newsml:reuters.com:*:nL4N2OX385  urn:newsml:reuters.com:*:nL4N2OY1XB
    The S&P 1500 Airlines index  .SPCOMAIR  was off 1.6%. 
    Shares of Texas Instruments Inc  TXN.O  slid 5.0% after its
current-quarter revenue forecast cast concerns as to whether
chipmaker will be able to meet spiking demand in the face of a
global semiconductor shortage. 
    The Philadelphia SE Semiconductor index  .SOX  was last down
over 1%.
    Declining issues outnumbered advancing ones on the NYSE by a
1.70-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored decliners.
    The S&P 500 posted 38 new 52-week highs and no new lows; the
Nasdaq Composite recorded 60 new highs and 41 new lows.  

 (Reporting by Stephen Culp"
Additonal reporting by Devik Jain and Shreyashi Sanyal in
Bengaluru
Editing by Marguerita Choy)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))

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