S&P 500 snaps losing streak as Tesla goes parabolic
The S&P 500 climbed 0.2%, the first time it rose this week. The Nasdaq 100 outperformed and gained 0.8%, while the Russell 2000 was up 0.2%.
Tesla’s 21.9% day led Magnificent 7 stocks and pushed the S&P consumer-discretionary sector ETF higher by 3.2%. It was the stock’s third-best daily gain on record.
Among other sectors, materials select fell 1.2% and was dragged down by earnings miss at Newmont Corp . Shares slid 14.7% and the stock became the biggest S&P 500 laggard of the day.
The market did not have a strong reaction to any of Thursday’s economic data. New-home sales crept higher, likely due to lower mortgage rates during September. Initial jobless claims filed last week fell.
Treasury yields fell modestly for the first time this week. Oil futures settled lower. The dollar weakened.
More on single names: UPS surged 5.3% on the day after the company returned to profit for the first time since the end of 2022. An economic barometer, the shipping company’s solid performance may be a testament to consumer resilience. Molina Healthcare was the second-best-performing S&P constituent on the day, rising 17.7%. Whirlpool Corp. climbed 11.2%, and executives expected demand to pick up after the election.
Conversely, Southwest Airlines slid 5.6% after the airline said it reached a deal with activist investor Elliott Investment Management to keep its CEO. IBM dropped 6.2%, as sales figures failed to impress Wall Street.
