2023-07-20 20:55:02
Traders at the New York Stock Exchange (NYSE)
couple Chuck Mikolajczak
NEW YORK (Archyde.com) – The New York Stock Exchange ended in disarray on Thursday, with the Nasdaq suffering from weak results from Tesla and Netflix while the Dow benefited from the good performance of Johnson & Johnson.
The Dow Jones Industrial Average gained 0.47%, or 163.97 points, to 35,225.18 points.
The broader S&P-500 fell 30.85 points, or 0.68%, to 4,534.87 points.
The Nasdaq Composite fell for its part by 294.71 points (-2.05%) to 14,063.31 points.
Tesla’s quarterly results, released on Wednesday, disappointed, as its chief executive, Elon Musk, spoke of continued price cuts for its electric cars.
Netflix also fell following a performance below market expectations in the second quarter.
“Last night’s announcements from Tesla and Netflix, while not catastrophic, have investors thinking, ‘Wow, maybe I shouldn’t be looking for those names,'” said Ken Polcari, principal of Kace Capital Advisors, Florida.
“(They say to themselves:) I’m going to take my money back and put it in more boring titles instead.”
Economic data released on Thursday also showed that tensions in the US labor market remain.
The new technologies, communication and consumer discretionary compartments all lost nearly 2%.
United Airlines advanced following raising its full-year profit forecast on Wednesday and reporting record quarterly profits.
Johnson & Johnson also ended in the green following raising its 2023 profit forecast and posting second-quarter earnings per share above analysts’ expectations.
(Report Chuck Mikolajczak; French version Camille Raynaud)
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