Stock market today: Stocks hold steady as S&P 500 eyes 5,000 mark | February 8, 2024 |
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To get the latest market news check out finance.yahoo.com US stocks held steady on Thursday, hitting a pause after notching fresh record highs in the prior session, as investors cheered chipmaker Arm's outlook and looked for fresh impetus in the latest batch of corporate results. The S&P 500 (^GSPC) hovered around the flatline, after the major benchmark closed just a few points shy of hitting 5,000 for the first time ever. The Dow Jones Industrial Average (^DJI) opened slightly higher but later declined about 0.3%, while the tech-heavy Nasdaq (^IXIC) rose 0.3%. Stocks have rallied as robust economic data and upbeat earnings have lifted spirits on Wall Street, helping the benchmark S&P 500 close in on the key psychological level. But some investors are questioning whether gains can be sustained, given the concentrated group of megacaps driving them. Shares in Arm (ARM) soared more than 55% after a strong sales outlook, boosting hopes that AI and tech will keep buoying the market. The chipmaker gave a surprisingly bullish forecast based on its expansion into new areas. Also providing cheer, Disney (DIS) shares rose more than 11% as investors welcomed its earnings beat and deals with Taylor Swift and Fortnite maker Epic Games. Meanwhile, traders have scaled back on bets on a March interest rate cut thanks to a drumbeat of caution from central bank officials. Richmond Fed president Tom Barkin is set to add his comments on Thursday, while the weekly jobless claims report due later could also move the needle on policy expectations given December's blockbuster jobs report. For more on this report, please visit: https://finance.yahoo.com/news/stock-market-today-stocks-hold-steady-as-sp-500-eyes-5000-mark-161706097.html |