Major U.S. stock indexes were mixed Thursday morning as the U.S. stock market looks to rebound from a steep downturn yesterday.
The S&P 500 and Nasdaq Composite were up 0.2% and 0.6%, respectively, while the Dow Jones Industrial Average slipped 0.4%. The Dow and S&P 500, which ended last week at record highs, have closed lower for three straight days, while the Nasdaq is coming off a 1.6% decline yesterday that snapped a five-session winning streak.
Tesla (TSLA) shares were leading the gains in early trading Thursday, rising 19% after the EV maker reported better-than-expected earnings and said that plans for new, more-affordable models are “on track” for production to start next year.
Other large-cap tech stocks were mixed, after leading the previous session’s declines. Nvidia (NVDA), Amazon (AMZN) and Meta Platforms (META) were gaining ground, while Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL) and Broadcom (AVGO) were down.
Shares of United Parcel Service (UPS) were up 5% after the package delivery giant reported better-than-expected results on the top and bottom lines.
Shares of Dow component Boeing (BA) fell 2.5% after the plane maker’s machinists late Wednesday rejected a new contract offer and extended a crippling six-week strike. Fellow Dow member International Business Machines (IBM) was down 6% after reporting quarterly revenue that came in below analysts’ expectations. Honeywell (HON), another Dow component, dropped 4% after reporting results.
Investors were also digesting several economic indicators that were released this morning. Weekly jobless claims numbers came in lower than expected, while new-home sales were higher than anticipated. Market participants are closely watching the data as they seek confirmation that the U.S. economy remains on sound footing and look for information that could inform the Federal Reserve’s decisions on interest rates.
The yield on 10-year Treasurys, which is tightly correlated with expectations around interest rates, was little changed from yesterday at 4.23%, after dipping below 4.20% earlier in the session. The yield has been on the rise, hitting levels not seen since late July in recent days, as the market recalibrated its expectations for how aggressive the Fed will be in easing policy in the coming months.
Gold futures were up slightly, at around $2,750 an ounce, once again nearing all-time high levels.