Key insights
- US equities declined, influenced by mixed earnings reactions. Tesla's initial post-earnings jump faded due to concerns over increased capital expenditures. ServiceNow and IBM experienced significant drops despite positive earnings, with IBM facing concerns about AI competition. Rising oil prices added to the negative sentiment, contributing to the overall market pullback.
https://finance.yahoo.com/markets/stocks/live/stock-market-today-dow-sp-500-and-nasdaq-slide-as-oil-rises-amid-hormuz-standoff-233045628.html US stocks pulled back on Thursday as investors assessed Tesla’s (TSLA) results amid a fresh rush of earnings.
The S&P 500 (^GSPC) slid 0.2%, coming off another record-setting session for the broad benchmark. Meanwhile, the Dow Jones Industrial Average (^DJI) and tech-heavy Nasdaq Composite (^IXIC) dropped 0.4% and 0.3%, respectively. Investors are looking to earnings reports to provide uplift. Tesla stock initially climbed after its earnings beat but turned lower at the opening bell on Thursday, slipping almost 3% after CEO Elon Musk signaled a massive capital expenditure push that will drag on cash flow.
Elsewhere, ServiceNow (NOW) stock sank over 15% after the opening bell despite an upbeat earnings report, while IBM (IBM) shed 11% as slowing revenue growth fed worries that Anthropic’s AI tools will disrupt its business.