The Nasdaq Composite Index posted its biggest daily loss in more than 4 months
US indices closed mixed in Thursday’s session after the S&P 500 and Nasdaq fell, pressured by the losses of Tesla and Netflix stocks, while the Dow Jones index continued its gains, supported by Johnson & Johnson stock.
Refinitiv data showed that 77 S&P 500 companies had reported results as of Thursday morning, and second-quarter earnings are expected to have fallen 7.9%, which is more than the 5.7% drop expected at the start of the month.
The performance of the main US indices:
The Dow Jones index rose by 0.47%, equivalent to about 163 points, achieving its ninth daily rise in a row, and achieving its highest closing in 16 months.
While the S&P 500 index fell by 0.7%, falling from its highest level since April 2022, under pressure from the telecommunications and consumer sectors.
The Nasdaq Composite Index fell more than 2%, posting its biggest daily loss in more than 4 months.
Tesla stock:
Tesla shares fell by about 10% in the Thursday session, recording the largest daily loss in 3 months, as the share lost $ 90 billion from its market value in one day.
The losses came after the electric car maker reported a drop in gross margins for the second quarter to their lowest level in 4 years, as well as CEO Elon Musk hinting at further price cuts.
Johnson & Johnson stock
Johnson & Johnson shares jumped more than 6% in the Thursday session, recording the largest daily gain since March 2020, that is, since the start of the Corona pandemic.
The gains came after the company reported second-quarter revenue and adjusted earnings that beat Wall Street expectations due to strong sales growth from the company’s medical business.
The company, whose financial results are a leader in the broader health sector, also raised its guidance for the full year.
The company’s quarterly results come amid concerns among investors about thousands of lawsuits alleging that baby powder and other products cause cancer.
