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S&P Backtracks on Cusp of 5,000


Stocks were mixed during Thursday trading, with the S&P 500 on the brink of breaching the 5,000 milestone for the first time ever.

The Dow Jones Industrial Average shed 110.06 points to pause for lunch at 38,567.30.

The S&P 500 index dipped 5.3 points to 4,989.76.

The NASDAQ index reversed the trend and gained 31.68 points to 15,788.32.

Earnings remained top of mind for investors, with Disney surging nearly 12% after beating quarterly earnings estimates and raising its guidance. Chipmaker and designer Arm jumped 56% after reporting stronger-than-expected earnings and providing an upbeat profit forecast.

Markets also wrestled with the notion of fewer rate cuts than previously expected this year after recent commentary from the central bank and Federal Reserve Chair Jerome Powell dashed hopes for a cut in March.

So far this season, 77% of S&P 500 companies have topped earnings expectations, while about 68% have beaten sales forecasts, according to FactSet. These strong earnings, and a continued chug higher in 2023’s winning megacap technology stocks, have boosted the market in recent sessions.

The earnings season continues after the bell with reports from Expedia, Affirm Holdings and Take-Two Interactive

Prices for the 10-year Treasury sagged, raising yields 4.16% from Wednesday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices surged $2.05 to $75.91 U.S. a barrel.

Gold prices backpedaled $5.50 to $2,046.20.



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