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Netflix ( NFLX ) projects continued growth through year-end

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CVS falls after replacing CEO

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American Express ( AXP ), SLB down after results

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Indexes: Dow down 0.25%, S&P 500 up 0.21%, Nasdaq up 0.58%

(Updated at 09:48 a.m. ET/1348 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Oct 18 (Reuters) -

The S&P 500 and the tech-heavy Nasdaq edged higher on

Friday, driven by gains in technology stocks, while Netflix ( NFLX )

climbed after beating subscriber growth estimates.

Shares of Netflix ( NFLX ) jumped 9.8% to a record high

after the streaming giant topped Wall Street estimates for

subscriber additions and said it expected continued growth

through the end of the year.

Gains in Netflix ( NFLX ) lifted Communication Services to

the top of the 11 S&P 500 sectors with a 1.3% increase.

Energy and Consumer Staples were among

the top losers, bogged down by declines in

SLB

and

Procter & Gamble ( PG )

, which fell 2.4% and 0.8%, respectively, following

their results.

Most of the so-called Magnificent Seven stocks, which

have driven much of Wall Street's rally this year, were higher,

with Apple ( AAPL ) up 1.2% after data showed a jump in new

iPhone sales in China, boosting the broader Technology sector

, which rose 0.7%.

Chip heavyweight Nvidia ( NVDA ) added 1%, extending gains

from Thursday, after BofA Global Research hiked its price target

on the stock.

The Dow Jones Industrial Average fell 108.85

points, or 0.25%, to 43,132.38, the S&P 500 gained 12.41

points, or 0.21%, to 5,853.88, and the Nasdaq Composite

gained 109.60 points, or 0.58%, to 18,480.79.

The Dow was weighed down by American Express ( AXP ),

which lost 4.4% after its quarterly revenue missed estimates.

The small-cap Russell 2000 was set to outperform

major indexes in the week. It was last up 0.2%.

Mostly upbeat earnings from financial companies and

broadly positive economic data have put the three main indexes

on track to log their sixth week of gains. The Dow closed at a

record high on Thursday, while the S&P 500 is nearing the

psychologically important 6,000 mark.

"Financials have responded very well to earnings. They

were the first real big (sector) to report and they performed

rather well," said Adam Sarhan, chief executive at 50 Park

Investments.

"Until we see stocks really get walloped or fall hard on

earnings, the market's earned the bullish benefit of the doubt."

However, stretched valuations and high expectations for

corporate results could leave stocks vulnerable to a pullback

amid indications that investors are exploring less expensive

sectors.

CVS Health ( CVS ) slumped 7.4% after it replaced CEO

Karen Lynch with company veteran David Joyner and withdrew its

2024 profit forecast, becoming the biggest decliner on the

benchmark index.

Fed officials Christopher Waller, Neel Kashkari and Raphael

Bostic are slated to speak during the day.

Expectations for the U.S. Federal Reserve to ease interest

rates by 25 basis points at its November meeting stood intact,

at about 90%, according to CME's FedWatch.

In economic data, single-family

housing starts

increased 2.7% to a seasonally adjusted annual rate of

1.027 million units in September.

Meanwhile, U.S. listings of Chinese companies leapt after

China's central bank launched funding schemes aimed at boosting

the equity market. Alibaba gained 2.4%, JD.com

rose 3.6% and PDD Holdings ( PDD ) jumped 1.7%.

Advancing issues outnumbered decliners by a 1.76-to-1

ratio on the NYSE, and by a 1.82-to-1 ratio on the Nasdaq.

The S&P 500 posted 26 new 52-week highs and one new low,

while the Nasdaq Composite recorded 69 new highs and 15 new

lows.