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Equity Alert: S&P 500, Nasdaq end at record highs Thu; Tesla result a dismay

 

MUMBAI--0745 IST--The S&P 500 and Nasdaq Composite closed at record highs Thursday on gains in blue-chip technology stocks. However, the Dow Jones Industrial Average closed lower. With the Apr-Jun earnings in full swing, investors continue to gauge the performance of these companies and see whether the US president-induced tariffs seeped into the businesses. Tesla fell sharply as its results failed to enthuse the Wall Street.

 

"Investors are feeling optimistic about trade negotiations, about the economy, the trend in inflation, as well as the better-than-expected Q2 (Apr-Jun) earnings reports," Sam Stovall, chief investment strategist at CFRA Research, was quoted as saying by Reuters. The recent trade deal between the US and Japan indicates the US is willing to settle with import duties near to 15% or some more with other countries which are currently under negotiation. There were also reports that the US and European Union are close to a trade deal similar to that with Japan.

 

The S&P 500 closed 0.1% higher at 6363.35 points and the technology-heavy Nasdaq gained 0.2% to close at 21057.96 points, notching their respective historic closing highs. The Dow Jones Industrial Average closed at 44693.91 points, down 0.7%.

 

On the earnings front, Alphabet rose 1% as its results boosted confidence that heavy investment in a race to dominate artificial intelligence technology is paying off. Shares of Microsoft, Nvidia, and Amazon were each over 1% higher. Meanwhile, Tesla plunged 8.2?ter Chief Executive Officer Elon Musk warned of a "few rough quarters" as the US government cut support for electric vehicle makers, Reuters reported.

 

Market participants also kept an eye on US President Donald Trump's planned visit to the Federal Reserve's headquarters on Thursday, after months of the president criticising Fed Chair Jerome Powell for interest rates that the president sees as too high. While the Fed is widely expected to keep the rates steady at next week's meeting, traders see a 60% chance of a rate cut in September, CME's FedWatch tool showed.

   

Following are the closing levels of US indices Thursday:

 

INDEX	LAST LEVEL	CHANGE IN %
Dow Jones Industrial Average	44693.91	(-)0.70
NASDAQ Composite	21057.96	0.18
S&P 500	6363.35	0.07

 

(Gopika Balasubramanium)

 

End

 

US$1 = INR 86.40

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Ashish Shirke

 

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