US stocks trade mixed as S&P 500 hovers near 5,000

Feb 8, 2024
  • The S&P 500 is up more than 5.3% in 2024, and hovered near 5,000 Thursday at the open.
  • Two-thirds of S&P 500 companies have reported earnings, with most beating Wall Street expectations.
  • Disney stock surged 8% in early trading after its strong earnings beat Wednesday.

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US stocks traded mixed at the open Thursday, and the S&P 500 continued to hover at 5,000, a key psychological threshold and milestone for the benchmark index. 

Major indexes are coming off a positive session on Wednesday, with investors taking in strong earnings so far. 

“The 5,000 mark on the S&P 500 is an important milestone for the markets, and not just because it’s a round number, but because the upward direction of the S&P 500, especially after two years of significant swings, reflects the confidence that investors have in corporate America’s earnings power and the strength of the economy,” said George Ball, chairman of investment firm Sanders Morris.

Notably, Disney stock jumped 8% early Thursday following its strong earnings and outlook for the fiscal year ahead. Chief executive Bob Iger announced Wednesday key partnerships with Epic Games and Taylor Swift, as well as new details on a sports streaming platform. Those updates arrive amid his battle with activist shareholders led by Nelson Peltz. 

Meanwhile, on Wednesday Fed Governor Adriana Kugler said it would be appropriate for the central bank to cut interest rates “at some point,” depending on the trajectory of inflation and the labor market. Boston Fed President Susan Collins, too, noted that rate cuts are likely down the line in 2024.

“Seeing sustained, broadening signs of progress should provide the necessary confidence I would need to begin a methodical adjustment to our policy stance,” Collins said in comments delivered at the Boston Economic Club.

Richmond Fed president Tom Barkin will deliver further remarks Thursday.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday: 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

  • Oil prices climbed, with West Texas Intermediate crude up 1.31% to $74.81 a barrel. Brent crude, the international benchmark, moved up 1.36% to $80.23 a barrel.
  • Gold edged lower 0.68% to $2,037.70 per ounce.
  • The 10-year yield moved higher 4 basis points to hover at 4.146%.
  • Bitcoin climbed 2.28% to $45,124.

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