- US stocks traded mixed on Thursday as investors digested earnings results from Tesla and Netflix.
- Initial jobless claims fell to 228,000 last week, below economist estimates for 242,000.
- The Dow Jones Industrial Average could extend its winning streak to nine days.
US stocks traded mixed on Thursday as investors digested second-quarter earnings from Tesla, Netflix, and Johnson & Johnson.
The Dow Jones Industrial Average pointed higher soon after the market open, meaning it could extend its winning streak to nine days.
Tesla and Netflix stock fell 5% and 6%, respectively, in early Thursday trades, even though both companies beat analyst profit estimates. Investors were concerned about Netflix's declining average revenue per user as its launch of a lower-cost advertising tier continues, as well as Tesla's decline in automotive gross margins.
Johnson & Johnson traded slightly higher after the health care company beat earnings estimates and reported a surge in its medical devices business.
Initial jobless claims fell to 228,000 last week, well below economist estimates for 242,000 jobless claims. The data continues to suggest that the economy and labor market remain resilient.
Here's where US indexes stood shortly after the 9:30 a.m. ET opening bell on Thursday:
- S&P 500: 4,556.23, down 0.21%
- Dow Jones Industrial Average: 35,155.13, up 0.27% (93.92 points)
- Nasdaq Composite: 14,276.68, down 0.57%
Here's what else is happening this morning:
- Tesla's conference call included Elon Musk talking about Nvidia and its AI dominance, the Cybertruck, and Warren Buffett. Here are his 12 most interesting quotes from the call.
- Credit Suisse increased its year-end S&P 500 price target by 16% to 4,700 as the ongoing rally in the stock market continues to defy skeptics.
- Microsoft's near-50% rally so far this year has helped CEO Satya Nadella reach $1 billion in total payouts since he took over the top job in 2014.
- Billionaire investor Barry Sternlicht's Starwood Capital Group just defaulted on a $212.5 million loan tied to an office building in Atlanta.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil rose 0.62% to $75.76 per barrel. Brent crude, oil's international benchmark, edged up 0.49% to $79.85.
- Gold fell 0.21% to $1,975.90 per ounce.
- The yield on the 10-year Treasury rose 8 basis points to 3.83%.
- Bitcoin rallied 0.91% to $30,189, while ether rose 1.32% to $1,913.