Wall Street is pointing to red on the day the S&P 500 hits 5,000
The DOW JONES Ind Average rose 0.12% to 38,722, the S&P 500 fell 0.07% to 4,991.45 and the NASDAQ 100 fell marginally 0.02% to 15,756.
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The New York Stock Exchange’s major indices ended Wednesday’s session higher, with the S&P 500 hitting a new all-time high as investors digest corporate results released these days and pay attention to government announcements. The Federal Reserve is looking for more clues about a possible rate cut.
Thus, the S&P 500 index added 0.82% to 4,995.06 points, the Dow Jones added 0.40% to 38,677.36 points, and the Nasdaq 100 rose 1.04% to 17,755.07 points.
At the peak of Wednesday’s session The S&P 500 index reached 4999.89 points.placing itself one step away from the historical threshold of 5,000 points.
The S&P 500 crossed and closed above 4,000 for the first time on April 21, 2021. If the large-cap index reaches 5,000 points, it will take almost three years to overcome the last 1,000 points.
On the downside, small- and mid-cap stocks lagged again, causing the Russell 2000 to finish the day slightly lower, once again distancing itself from the rest of the indexes. As noted Juan J. Fdez-Figares, Link Securities“This was the result of a new fall in bond prices and a subsequent rise in their yields, a factor that has worsened the performance of this index since the beginning of the year (it fell 3.8% in 2024).” .)”.
Currently, the benchmark 10-year US bond offers a secondary market yield of 4.130%, still well above the psychological threshold of 4%.
On the macroeconomic agenda this Thursday, investors have already learned about new data on unemployment claims, which once again shows signs of health in the labor market. Over the past week, the number of requests amounted to 218,000.down from 227,000 the previous week and also below the 221,000 that markets had expected.
At the business level, earnings season continues. Walt Disney shares rose more than 8% at the market open after The company’s profit in the first quarter will exceed forecasts and announce a number of important agreements and upcoming events.
In his most compelling announcement yet, CEO Bob Iger said the company will make its biggest move into the gaming industry yet. Stake in Epic Games worth $1.5 billion.creator of Fortnite.
Disney’s first-quarter earnings per share came in at $1.22, compared with estimates of 99 cents, although revenue missed estimates and remained virtually flat from a year earlier. The company also announced a dividend of 45 cents per share, up 50% from what it paid in January.
Disney lost customers on its streaming platform Disney+, but revenue grew due to higher subscription costs. The company also informed investors of its plan to cut costs by at least $7.5 billion by the end of fiscal 2024 and forecast full-year earnings per share of about $4.60.
PayPal shares fell about 8% in pre-market trading after the payments company issued full-year guidance that fell short of expectations.
The company forecast earnings of $5.10 per share, below analysts’ expectations of $5.48, according to LSEG. PayPal actually beat estimates for its fourth-quarter results.
Chipmaker Arm shares rose 27% after the company reported better-than-expected earnings and provided an upbeat earnings outlook.
Spirit Airlines shares rose 3.8% before the bell after its CEO announced that the airline is on track to return to profitability and that the U.S. domestic tourism market is improving.
The company, which still expects a loss in the first quarter, forecast revenue of $1.25 billion to $1.28 billion, topping analysts’ forecasts. For the fourth quarter, the company reported an adjusted loss per share of $1.36, compared with expectations of $1.46. Revenue was $1.32 billion, as forecast.
Under Armor shares are up 5% in early trading. The sportswear maker said its sales slowed in the Christmas quarter, but even so it beat expectations as it ramps up cost-cutting efforts. Earnings per share were an adjusted 19 cents versus expectations of 11 cents. Revenue was $1.49 billion versus expectations of $1.5 billion.
Excluding the quarterly earnings, American Express shares fell 1.6% after Morgan Stanley cut its outlook to “equal weight” from its previous forecast of “overweight.” The firm believes that the good news about earnings and dividend increases is already reflected in the price.
The opposite is true for Ally Financial, which rose nearly 2% after Morgan Stanley upgraded its rating to overweight from its previous equal weight rating. The broker believes that this organization is a reliable way to take advantage of the lower interest rates expected in the future.
In commodity markets, oil prices The figure rose this Thursday after Israel rejected a Hamas ceasefire offer, raising tensions in the oil-exporting region.
Thus, West Texas Intermediate oil futures rose 1.57% to $75 per barrel. Brent crude futures, Europe’s benchmark, rose 1.55% to $80.38 a barrel.
The euro falls 0.22% against the dollar, leaving the exchange rate at $1.0750 for each currency. (Euro dollar quote)
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