US stocks rise as S&P 500 falls short of 5,000 milestone

Feb 8, 2024
  • US stocks rose Thursday but the S&P 500 fell just shy of the 5,000 milestone. 
  • Investors continue to take in better-than-expected earnings and fresh Fed comments.
  • Shares of the chip-maker Arm saw a massive 64% rally after it reported earnings results. 

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US stocks ended higher Thursday, with the S&P 500 closing just below the key milestone of 5,000.

Investors continue to take in strong earnings, with the majority of companies beating expectations so far in the latest cycle.

That strength in equities should continue on the back of upbeat economic data and the increasing odds of a “Goldilocks” scenario, according to a note from UBS strategists.

“[R]ecent economic data have highlighted the potential for a period of continued stronger growth, tame inflation, and swifter monetary easing,” the Swiss bank said. In this event, we believe the S&P 500 has the potential to rise to around 5,300 this year.”

Shares of Disney jumped double-digits Thursday following promising guidance from the company for the year ahead. Bob Iger’s new deals with Taylor Swift and Epic Games encouraged investors who have been monitoring his battle with activist shareholders. 

Chip maker Arm, meanwhile, surged 64% after the company’s earnings release shed light on its exposure to the growing AI industry

After markets close Thursday, investors will watch for results from Expedia, Take-Two Interactive, and Affirm.

Treasury yields inched higher following a large auction of 30-year government bonds, which came a day after an auction of 10-year Treasurys. The sales were met with strong demand despite concerns of oversupply.

Those moves come ahead of Friday’s consumer price index revisions, which will provide more insight into whether the Fed has a handle on inflation. 

Here’s where US indexes stood as the market closed at 4:00 p.m. on Thursday: 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

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