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S&P 500 and Dow set all-time highs as earnings lift stocks
The Nasdaq 100 slipped slightly, pressured by a roughly 7% drop in AMD after its third-quarter sales forecast disappointed investors.
US stocks traded mixed on Wednesday, with the S&P 500 up 0.3% and hitting a new all-time high, while the Dow Jones Industrial Average rose 1.1% to an all-time high. The Nasdaq 100 was slightly lower, down 0.0% as tech losses outweighed pockets of strength.
Yahoo Finance reports that positive earnings helped support index gains, including Booking Holdings, which rose more than 7% after reporting better-than-expected Q2 gross bookings, and Amgen, up more than 5% on stronger-than-expected Q2 EPS.
The Nasdaq 100 fell back from a 1-month high after a roughly 7% decline in Advanced Micro Devices following the company’s third-quarter sales forecast that missed expectations. SpaceX also dragged the tape, down more than 8% after projecting higher-than-expected spending for its AI business.
Economic data was also a modest headwind, with the July ADP employment change at 44,000, below the expected 65,000, and the July ISM services index edging up 0.1 to 54.1, versus a 54.5 forecast. Mortgage demand softened, while the average 30-year fixed rate rose 5 basis points to 6.81%, and Kansas City Fed President Jeff Schmid said he does not view the current monetary policy stance as restrictive given strong demand and investment.
Latest closeS&P 500 7,765.36 ▼0.5%|Nasdaq Comp. 27,193.34 ▼1.2%|Dow Jones 51,231.64 ▲0.1%