US stocks rose on Thursday despite downbeat earnings from Tesla Inc (TSLA) and after a hotter-than-expected reading of US economic growth.
The Dow Jones Industrial Average (^DJI) opened 0.2% higher, while the S&P 500 (^GSPC) rose 0.4% after the index's fourth straight record close on Wednesday. Shares in the tech-heavy Nasdaq 100 (^NDX) rose about 0.5%.
that Advance estimate of US GDP for the fourth quarter Data released Thursday morning showed that the economy grew at an annual rate of 3.3%. During this period, it is much faster than the 2% annual pace that economists had expected.
Tesla warned that growth in electric vehicle production will slow “significantly” in earnings-losing quarterly results, with CEO Elon Musk citing the risk of Chinese automakers “demolishing” their rivals in the absence of trade restrictions. Shares of the electric car maker fell 8% in premarket trading, underperforming other tech-focused Magnificent Seven stocks that led the S&P 500's rise.
Intel ( INTC ) results are one of the after-hours highlights in a torrent of reports, with Wall Street eyeing the chipmaker's artificial intelligence boost.
On Thursday morning, American Airlines (AAL) stock rose after the company issued better-than-expected guidance for 2024. Southwest Airlines (LUV) shares also rose after beating the carrier's latest quarterly results.
Alaska Airlines (ALK) said it will incur $150 million in costs stemming from the recent grounding of its fleet of Boeing 737 MAX 9 aircraft after a mid-air door seal incident.
The Federal Aviation Administration on Wednesday gave the green light for the 737 Max 9 jets to return to service once airlines complete safety inspections. But the body also asked Boeing (BA) to freeze any planned increases in production of the model, disrupting the dictate to its customers and suppliers and helping shares fall.
Read more: What a pause on federal interest rate hikes means for bank accounts, CDs, loans and credit cards
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