MTL:CC - Dow Looks to Add to Streak
Stocks were mixed Thursday as traders weighed the latest batch of corporate earnings reports, including results from Netflix and Tesla.
The Dow Jones Industrials rocketed 157.28 points to open Thursday at 35,218.49, gunning for its ninth straight day of gains, its longest streak since 2017.
The S&P 500 subtracted 15.61 points to 4,550.42.
The NASDAQ index skidded 140.09 points, or 1%, to 14,217.93.
Shares of Netflix dropped 8% after the streaming giant posted its second-quarter earnings report. The company posted $8.19 billion in revenue, falling short of the $8.3 billion anticipated by analysts.
Tesla, meanwhile, tumbled 6.1% after CEO Elon Musk and other executives said on an earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.
Johnson & Johnson posted earnings per share and revenue that exceeded analyst expectations. The company also hiked its full-year outlook. Shares rose more than 5%.
Of the S&P 500 companies that have reported earnings thus far, 74% have exceeded expectations, FactSet data shows. The strength in corporate earnings has created optimism for a soft landing for the economy.
Prices for the 10-year Treasury slumped, raising yields to 3.84% from Wednesday's 3.74%. Treasury prices and yields move in opposite directions.
Oil prices regained 75 cents to $76.10 U.S. a barrel.
Gold prices dulled $5.80 to $1,975.00 U.S. an ounce.