Major U.S. stock indexes were mixed in early trading on Thursday, as the U.S. stock market looks set to recover from yesterday’s steep declines.
The S&P 500 and Nasdaq Composite rose 0.3% and 0.6%, while the Dow Jones Industrial Average fell 0.2%. The Dow and S&P 500, which ended last week at record highs, closed lower for the third day in a row, while the Nasdaq fell 1.6% yesterday, ending its winning streak at five.
Tesla (TSLA) stock led gains in early trading Thursday, as the EV maker reported better-than-expected earnings and plans for a new, more affordable model to begin production next year are “on track.” The stock price rose 16% following the announcement that .
Other large-cap tech stocks were mixed after leading the decline earlier. Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN), and Meta Platform (META) rose while Apple (AAPL), Alphabet (GOOGL), and Broadcom (AVGO) fell.
Shares of United Parcel Service (UPS) rose 5% after the package delivery giant reported better-than-expected sales and bottom line results.
Shares of Dow component Boeing (BA) fell 3% late Wednesday after the aircraft maker’s machinists rejected an offer of new contracts and extended a devastating six-week strike. Dow member International Business Machines (IBM) fell 6% after reporting quarterly revenue that fell short of analysts’ expectations. Honeywell (HON), another Dow component, fell 4% after the earnings release.
Investors are also digesting some economic data released this morning. Weekly jobless claims were lower than expected, while new home sales were higher than expected. Market participants are watching the data closely for confirmation that the U.S. economy remains on sound footing and for information that could influence the Federal Reserve’s interest rate decisions. .
The 10-year Treasury yield, which is closely correlated with interest rate expectations, was little changed at 4.23% yesterday after falling below 4.20% in early trading. Yields have been trending higher, reaching levels not seen since late July in recent days, as markets readjust expectations about how aggressively the Fed will ease policy in coming months.
Gold futures rose slightly to around $2,750 an ounce, again near all-time highs.
