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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2024.
Brendan McDermid | Reuters
The S&P 500 rose Thursday as the benchmark rebounded following three straight losing sessions. Strong earnings from Tesla and others led the gains.
The broad market index climbed 0.1%, and the Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average lagged, losing 169 points, or 0.4%.
Tesla surged more than 17% after the electric vehicle manufacturer posted third-quarter results that beat analyst expectations. Whirlpool and Lam Research were also higher on the back of better-than-expected earnings by roughly 12.5% and 3.8%, respectively.
Weighing on the Dow was IBM, which fell more than 6.5% as consulting revenue narrowly missed analysts’ estimates. Boeing also weighed on the 30-stock index, as the company’s shares slipped more than 2% after its machinists rejected a new labor contract.
More than 32% of the S&P 500 has reported third-quarter numbers thus far. Of those companies, 76% have beaten analyst expectations, according to FactSet.
Stocks are coming off a losing session, with the Dow suffering its biggest one-day loss since early December, losing more than 400 points on Wednesday. The S&P 500 shed nearly 1%, and the Nasdaq lost 1.6%.
Treasury yields moved lower early Thursday, helping lift market sentiment after rising yields kept stocks under pressure this week. The 10-year Treasury yield topped the 4.25% threshold on Wednesday at the high of the session.
“The pressure on the market has been from the rate side,” said Rob Haworth, senior investment strategist at U.S. Bank Asset Management. “That’s really what has dampened equity market enthusiasm, and you haven’t had big enough earnings news yet to drive the market to a new high … we’re also not seeing as broad a momentum as we were seeing.”
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