The NASDAQ Composite gained as Tesla shares rose on the back of better-than-expected earnings results, and as traders eyed a softer dollar that boosted tech stocks.
The Dow Jones Industrials remained negative 34.58 points by midday to 31,705.61.
The S&P 500 picked up 19.23 points to 3,979.23.
The NASDAQ increased 96.68 points to 11,994.23.
Tesla shares jumped 7% after the automaker reported stronger-than-expected earnings but shrinking automotive gross margins.
AT&T dropped 10% after lowering its full-year free cash flow guidance. Still, the telecommunications company exceeded expectations in its second quarter.
American Airlines fell 7% after cutting back on growth plans despite reporting earnings mostly in line with expectations. Still, the company forecasted a profit in the third quarter.
United Airlines’ results came in below expectations despite reporting that it returned to profitability during the second quarter. The stock fell 9%.
Travelers fell 3% after reporting a drop in investment income. The company reported better-than-expected profit and revenue in its most recent quarter.
Carnival dropped more than 14% after the cruise company announced that it was selling an additional $1 billion of stock.
Meanwhile, shares of Alcoa and CSX jumped after the companies beat expectations.
Roughly 18% of S&P 500 have reported earnings for the second quarter. Of those companies, about 71% have beaten expectations.
Inflationary pressures continued to loom on Wall Street after a report from the Bureau of Labor Statistics last week showed that producer prices in June jumped to a near-record amount from a year ago because of a rise in energy costs.
On the economic front, initial jobless claims continued their upward trend and touched their highest level since November 2021. Initial claims climbed to 251,000 for the week of July 16, up from an adjusted 244,000 claims from the prior week, in its third straight weekly gain.
On the economic front, initial jobless claims continued their upward trend and touched their highest level since November 2021. Initial claims climbed to 251,000 for the week of July 16, up from an adjusted 244,000 claims from the prior week, in its third straight weekly gain.
Meanwhile, the European Central Bank on Thursday raised interest rates for the first time in 11 years to combat inflation in the euro zone.
The central bank raised benchmark rates by 50 basis points.
Treasury prices moved sharply higher, lowering yields to 2.97%, from Wednesday’s 3.03%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.93 to $96.95 U.S. a barrel.
Gold prices soared $11.70 to $1,711.950 U.S. an ounce.
