Tesla surge drives S&P 500, Nasdaq higher; IBM weighs on Dow
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Tesla jumps after strong sales forecast
UPS advances following quarterly profit beat
Boeing down after workers reject latest contract
Weekly jobless claims lower than forecasts
Indexes: Dow down 0.37%, S&P 500 up 0.14%, Nasdaq up 0.39%
Updated at 09:50 a.m. ET/1350 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 24 (Reuters) - The S&P 500 and the Nasdaq rebounded on Thursday, after Tesla's upbeat earnings forecast lifted market sentiment following a selloff in the previous session, kicking off megacap results on a promising note.
Shares of the company soarednearly 16.7%, with the EV-maker set to add more than $100 billion to its market capitalization, after itreported robust third-quarter profits and surprised investors with a prediction of 20% to30% sales growthnext year.
This helped take the Consumer Discretionary .SPLRCD sector 2.4% higher, topping the S&P 500's 11 sectors.
The optimism spread to other growth stocks, with Nvidia NVDA.O rising 0.8% and Meta Platforms META.O gaining 0.6%.
On the flip side, Materials .SPLRCM was at the bottom, with a 1% loss, dragged down by Newmont NEM.N as higher costs and weaker Nevada output saw it miss profit estimates.
IBM IBM.N lost almost 7% after missing estimates for third-quarter revenue, weighing on the blue-chip Dow.
Boeing BA.N dropped 1.9% after factory workers voted on Wednesday to reject a contract offer and continue a more than five-week-long strike. Honeywell's HON.O 3.8% decline after it forecast annualsales below estimates also added to the Dow's losses.
The Dow Jones Industrial Average .DJI fell 156.57 points, or 0.37%, to 42,358.38, the S&P 500 .SPX gained 7.94 points, or 0.14%, to 5,805.36 and the Nasdaq Composite .IXIC gained 70.52 points, or 0.39%, to 18,347.18.
Wall Street ended lower onWednesday, with the benchmark S&P 500 notching its third straight session of declineand the Nasdaq logging itsworst day since early September.
Stocks have eased from record levels over the past few sessions due to a reassessment of bets on the Federal Reserve's rate cuts, rising Treasury yields, corporate earnings and uncertainty surrounding theupcoming U.S. election.
The yield on benchmark 10-year Treasury bonds easedslightly on the day, but was still trading around its highest since late July. It touched 4.26% on Wednesday.
"We're coming into the day after having sold off a bit every day this week. With yields taking a breather and Tesla's positive results and guidance, markets may well be able to find some tailwinds after having been down this week," said Art Hogan, chief market strategist at B Riley Wealth.
Meanwhile, investor focus returned to earnings season, with UPS UPS.N adding 7.6% after the parcel service provider reported a rise in third-quarterprofit, on rebounding volumes and cost cuts. Rival FedEx FDX.N was up 2.4%.
Southwest Airlines LUV.N dipped 2.5%, while American Airlines AAL.N gained 3.4% after reporting earnings.
Around 32% of S&P 500 companies have reported quarterly results so far, according to data compiled by LSEG, with 79% beating earnings estimates.
On the economic front, S&P Global's flash PMI data showed U.S. business activity increased in October, amid strong demand, and firms raised prices for goods and services at the slowest pace in nearly four-and-a-half years. Weekly jobless claims also fell unexpectedly for the week ended Oct. 19.
Advancing issues outnumbered decliners by a 1.7-to-1 ratio on the NYSE, and by a 1.44-to-1 ratio on the Nasdaq.
The S&P 500 posted 29 new 52-week highs and no new lows, while the Nasdaq Composite recorded 38 new highs and 25 new lows.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Saumyadeb Chakrabarty and Pooja Desai
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Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
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