The Nasdaq (^IXIC) jumped on Thursday to lead a rebound in U.S. stocks as Tesla Inc’s (TSLA) surprisingly strong results and rising sales expectations raised hopes for a strong earnings season.
The Nasdaq Composite (^IXIC) rose about 0.6%, leading the way higher, while the S&P 500 (^GSPC) added about 0.3%. The Dow Jones Industrial Average (^DJI) fell more than 100 points, or roughly 0.3%.
Tesla kicked off its “Magnificent Seven” earnings with its biggest quarterly profit in more than a year, setting off a wave of optimism that pushed stocks back from steep losses on Wednesday.
Tesla shares rose more than 14% – adding more than $80 billion in market value – as investors welcomed CEO Elon Musk’s forecast that electric vehicle sales could grow 20-30% next year. Shares of Amazon (AMZN), Meta (META), and other tech giants rose after lagging the previous session.
Elsewhere in companies, Boeing ( BA ) shares fell nearly 2% after striking workers rejected a pay deal, following the plane maker’s $6 billion quarterly loss. It’s the latest in a series of rough news for stocks in the Dow Jones.
Meanwhile, the 10-year Treasury yield (^TNX) fell after hitting 4.25% on Wednesday amid concerns that the Federal Reserve will not cut interest rates as quickly as expected. The yield fell to 4.22%, losing levels not seen since July.
Read more: What a Fed rate cut means for bank accounts, CDs, loans and credit cards
Official data released before the opening showed that the number of unemployment claims unexpectedly fell to 227,000 last week, versus an upwardly revised 242,000 the previous week. Filings have been volatile in states recently hit by hurricanes.
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