US stocks: Tesla, Netflix drag Nasdaq and S&P down, Dow closes higher – Times of India

New York: S&P 500 and nasdaq fell on thursday, lost weight due to the fall Tesla And Netflix The Dow advanced for a ninth day in a row, led by gains in Johnson & Johnson after its quarterly results but also a strong annual forecast.
Tesla shares tumbled 9.74%, its biggest one-day drop since April 20, after the electric-vehicle maker reported a drop in its second-quarter gross margin to a four-year low and CEO Elon Musk hinted at more price cuts.
Netflix suffered its biggest one-day percentage decline since December 15, plunging 8.41% after the streaming video company’s quarterly revenue fell short of estimates.
“Last night’s news on Tesla and Netflix, although it’s not the end of the world, gives people a reason to wake up and say ‘Wow, maybe I shouldn’t be chasing these names,'” said Ken Polcari, Management Boca Raton , partner at Case Capital Advisors in Florida.
“Let me take some money off the table and spend it again in big boring names.”
However, the Dow was able to climb as it gained 6.07% after Johnson & Johnson reported results and announced an increase in annual profit forecast.
Dow Jones The industrial average rose 163.97 points, or 0.47%, to 35,225.18, the S&P 500 fell 30.85 points, or 0.68%, to 4,534.87 and the Nasdaq Composite declined 294.71 points, or 2.05%, to 14,063.31.
The fall for the Nasdaq was its biggest one-day percentage decline since March 9, while the Dow posted gains for the ninth consecutive session, its longest winning streak since September 2017.
The Nasdaq has risen 34.4% this year to levels not seen since early April 2022, supported by an unstoppable rally in megacap growth names such as Nvidia and Meta on optimism over the potential of artificial intelligence, a US economy that many Having proved more resilient than anticipated and expectations, the end of the then Federal Reserve’s aggressive rate hike cycle was on the horizon.
The S&P technology, communications services and consumer discretionary sectors each declined at least 2% on Thursday.
Tech stocks saw additional pressure after business software maker SAP cut its full-year outlook for cloud revenue, with US-listed shares of SAP closing down 6.34%.
Economic data on Thursday indicated the labor market remained tight, while contraction in the housing and manufacturing sectors continued.
United Airlines gained 3.23% after raising its full-year profit outlook and reporting its highest-ever quarterly earnings on the back of rising demand for international travel.
With 77 S&P 500 companies reporting results as of Thursday morning, second-quarter earnings are expected to decline 7.9%, Refinitiv data showed, up from a 5.7% decline expected at the start of the month.
Volume on US exchanges stood at 11.16 billion shares compared to the full session’s average of 10.6 billion over the past 20 trading days.
Declining issues outnumbered advancing issues on the NYSE by a 1.53-to-1 ratio; On the Nasdaq, a 1.88-to-1 ratio favored declines.
The S&P 500 posted 32 new 52-week highs and 2 new lows; The Nasdaq Composite recorded a new high of 67 and a new high of 71.

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