Stocks were mixed Thursday as trades weighed the latest batch of corporate earnings reports, including results from Netflix and Johnson & Johnson.
The Dow Jones Industrials exploded 242.21 points to greet noon at 35,303.42, gunning for its ninth straight day of gains, its longest streak since 2017.
The S&P 500 backpedaled 14.96 points to 4,550.76.
The NASDAQ index skidded 175.86 points, or 1.2%, to 14,182.63.
Johnson & Johnson posted earnings per share and revenue that exceeded analyst expectations, helping lift the 30-stock Dow. The company also hiked its full-year outlook. Shares rose more than 5%.
Travelers, meanwhile, beat analyst estimates for revenue in the quarter. Shares in the insurance provider climbed 2.8%.
Shares of Netflix dropped nearly 9% 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.
Of the S&P 500 companies that have reported earnings thus far, 74% have exceeded expectations, FactSet data shows. The strength in corporate earnings have created optimism for a soft landing for the economy.
Prices for the 10-year Treasury slumped, raising yields to 3.85% from Wednesday's 3.74%. Treasury prices and yields move in opposite directions.
Oil prices regained 15 cents to $75.50 U.S. a barrel.
Gold prices dulled $8.60 to $1,972.20 U.S. an ounce.