It was quite a mixed day on Wall Street: The Dow rose more than 160 points on Thursday to notch its first nine-day winning streak since 2017, reports CNBC. But drops for Tesla, Netflix, and other big tech-oriented stocks crimped the benchmark S&P 500 and the tech-dominated Nasdaq:
- The Dow gained 163 points, or 0.4%, to 35,225.
- The S&P 500 fell 30 points, or 0.6%, to 4,534.
- The Nasdaq fell 294 points, or 2%, to 14,063.
Tesla tumbled 9.3% despite reporting stronger profit and revenue for the spring than expected, per the AP. Analysts said investors may be concerned about how profitable the electric vehicle maker will be after cutting prices. Because Tesla is one of the most valuable companies on Wall Street, its stock movements carry extra weight on the S&P 500 and other indexes. Netflix sank 8.2% despite also reporting stronger profit than expected. One important measure for the company, how much revenue it makes from paid memberships on average, fell during the quarter from a year earlier.
Tesla and Netflix are two of the first huge tech-oriented companies to report their profits for the spring, and a lot is riding on the results. Big Tech stocks have rallied hard this year and been the primary reason for the S&P 500's big gains. Netflix is still up nearly 49% for the year so far, and Tesla has more than doubled. If big tech stocks don't produce the profits to justify the big moves, it could put the rally at jeopardy. Other huge winners from early this year also slid. Nvidia fell 3.4%, though it remains 211% higher for the year so far. Across the rest of Wall Street, companies reported a mixed set of results. Zions Bancorp. rose 9.3% after reporting stronger profit and revenue for the quarter than expected. Truist Financial sank 6.4% after reporting weaker revenue than expected.
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