The S&P 500 climbed for a third straight session on Thursday, as investors weighed the latest batch of corporate earnings.
The broad market index added 0.36%, while the Nasdaq Composite
traded up around 0.5%. The Dow Jones Industrial Average however, lost 125 points, or 0.28%.
Semiconductor names slid, with Qualcomm and Arm each declining 4%. Skyworks Solutions lost 24% after reporting its quarterly results. Ford Motor also fell 7% after the automaker forecast a difficult 2025.
Honeywell shares were down 5%, dragging the Dow lower, after the company issued full-year earnings guidance that fell short of what analysts anticipated. The conglomerate also announced it would split into three companies.
By contrast, Philip Morris shares surged 10% on the heels of the international tobacco company reporting better-than-expected earnings and revenue for the fourth quarter. The gain put the stock on track for a record high close.
"Today's price action definitely has felt idiosyncratic, and that's a lot of times what we see during earnings season where investors focus on individual company fundamentals," Zachary Hill, head of portfolio management at Horizon Investments, said to CNBC.
Meanwhile, investors seem to have shaken off worries around tariffs, which began on Monday after President Donald Trump announced a 10% levy on Chinese imports over the weekend. Sentiment improved after the president paused duties on Mexican and Canadian goods.
"That continues to be something that, while it's not like impacting the price action at the moment, we do think is something that will continue to be in investors' calculus for some time," Hill added.
Wall Street is now awaiting January's jobs report, which is scheduled for release on Friday at 8:30 a.m. ET. Economists polled by Dow Jones are forecasting nonfarm payrolls growth of 169,000 for the month, less than the 256,000 jobs added in December.(Cay) Newsmaker23
Source: CNBC
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