In the ever-shifting stock market landscape, Thursday saw U.S. stocks reaching new heights, with two of the main benchmarks hitting record highs. The S&P 500 tantalizingly approached the elusive 5,000-point mark, a milestone never before breached, before settling just below it at day’s end.
- The Dow Jones Industrial Average gained 48.97 points, or 0.1%.
- The S&P 500 gained 2.87 points, or 0.1%.
- The Nasdaq Composite rose 37.07 points, or 0.2%.
Investors displayed an unwavering determination, propelling stocks upward despite the specter of rising yields. Peter Cardillo, chief market economist at Spartan Capital Securities, attributed this drive to the consistent stream of robust earnings propelling the market forward.
The upward trajectory wasn’t without its challenges, as the benchmark 10-year Treasury yield reached its second-highest level of the year, hinting at underlying economic complexities. However, the S&P 500 briefly surpassed its previous intraday high, a testament to the market’s resilience, before retracing slightly to notch a new closing record.
Mike O’Rourke, chief market technician at JonesTrading, highlighted the market’s reliance on a select few tech giants while noting a shift in dynamics, with companies like Tesla Inc. and Apple Inc. experiencing relative stagnation compared to peers.
As the earnings season approaches its twilight, there’s anticipation of a potential market pullback, a sentiment echoed by Cardillo. Moreover, looming concerns linger around sectors like commercial real estate and regional banks, reminiscent of last year’s upheavals in the wake of the pandemic.
Against this backdrop, Thursday’s earnings reports showcased mixed outcomes, with companies like ConocoPhillips exceeding expectations while others, like Cameco Corp. and Hershey Co., faced stock slumps after their announcements.
Looking ahead, investors eagerly awaited earnings reports from companies like Affirm Holdings Inc., Cloudflare Inc., and Expedia Group Inc., signaling the relentless pace of market activity amidst economic data releases highlighting shifts in unemployment claims and wholesale inventories……….[read more]
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