Traders work on the floor of the New York Stock Exchange during morning trading on October 8, 2024.
Michael M. Santiago | Getty Images
The S&P 500 bounced back on Thursday, marking its first positive day in a week of rising interest rates.
the Standard & Poor’s 500 It added 0.21% to 5809.86 and ended a three-day losing streak. the Nasdaq Composite It jumped by 0.76% and closed at 18,415.49 points. the Dow Jones Industrial Average The stock lost 140.59 points, or 0.33%, to close at 42,374.36 points. The leading index achieved a series of losses that lasted four days, the first since June.
Tesla It was the best-performing stock in the broad market index. The electric vehicle manufacturer’s stock rose nearly 22% after it announced third-quarter results that exceeded analysts’ expectations, marking its best day since 2013. Molina Healthcare It rose 17.7% on better-than-expected earnings and revenue. whirlpool and UPS It also jumped after the results were published.
It was a Dow Jones pullback IBMwhich fell more than 6% as the company’s consulting revenues narrowly missed analyst estimates. Boeing It fell 1.2% after mechanics rejected a new employment contract.
Nearly 160 S&P 500 companies have posted quarterly results so far, but their earnings growth has been disappointing. The blended growth rate, which tracks reports already issued and estimates for those scheduled to report, suggests an overall earnings growth rate for the S&P 500 of 3.4% compared with the same period a year earlier, according to FactSet. This result was lower than analysts’ expectations.
Treasury yields fell, retreating from three-month highs reached in the previous session. The yield on the 10-year Treasury note crossed the 4.25% threshold on Wednesday at a session high.
“The pressure on the market has been from the interest rate side,” said Rob Haworth, chief investment strategist at US Bank Asset Management. “That’s really what’s dampened stock market enthusiasm, and you haven’t had big enough earnings news yet to push the market to a new high…and we’re also not seeing broad-based momentum like we were seeing.”
Stocks are coming off a losing session, with the Dow Jones suffering its biggest single-day decline since early December, falling more than 400 points on Wednesday. The S&P 500 lost nearly 1%, and the Nasdaq lost 1.6%.
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