US close: Stocks mixed as investors digest data, Q2 earnings

Major indices delivered a mixed performance on Thursday as market participants thumbed over some key data points and more corporate earnings.

At the close, the Dow Jones Industrial Average was up 0.20% at 39,935.07, while the S&P 500 lost 0.51% to 5,399.22 and the Nasdaq Composite saw out the session 0.93% weaker at 17,181.72.

The Dow closed 81.20 points higher on Thursday, extending gains recorded in the previous session.

Earnings were in focus again on Thursday, with Ford shares down after the automotive giant's Q2 earnings came in well and truly below expectations, while Chipotle shares was in the green after the fast-food giant topped both earnings and revenue expectations.

Elsewhere, American Airlines reported its highest-ever quarterly revenue for its second quarter on Thursday, at $14.3bn, although that still fell short of its own expectations, as the airline also lowered its full-year earnings guidance, while toymaker Hasbro said recent turnaround efforts and its divestiture of eOne had helped boost both sales and profits in Q2.

On the macro front, America's economy grew more quickly than expected last quarter as companies ramped up investment and amid inventory accumulation. According to the Department of Commerce, gross domestic product expanded by 2.8% in quarterly annualised terms during the second quarter - up from the 1.4% clip observed during the first three months of 2024 and ahead of the 2.0% pace anticipated by economists.

In terms of inflation, the rate of increase in the price deflator for personal consumption expenditures slowed from 3.7% in the first quarter to 2.9% in the second.

On another note, Americans lined up for unemployment benefits at a slower-than-expected rate in the week ended 20 July, according to the Labor Department. Initial jobless claims fell by 10,000 to 235,000, below market expectations for a reading of 238,000 and down from the prior week's upwardly revised print of 245,000. Although the decline was bigger than expected, last week's print was still significantly above the year-to-date average, hinting that although the US labour market remains tight, it has seemingly softened somewhat since its post-pandemic peak.

Still on data, orders for goods made to last more than three years cratered last month, due to a steep downdraft in those for commercial aircraft. According to the Department of Commerce, in seasonally adjusted terms, durable goods orders shrank by 6.6% month-on-month to reach $264,541 and by 2.0% year-on-year. That was far weaker than the 0.3% gain anticipated by economists.

Finally, US pending home sales fell by 6.6% in May, according to the National Association of Realtors, slowing from the prior month's 7.4% drop.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

International Business Machines Corporation (CDI) (IBM) $191.98 4.33%
Salesforce.Com Inc. (CRM) $256.52 2.70%
Caterpillar Inc. (CAT) $344.30 2.46%
Walgreens Boots Alliance, Inc. (WBA) $11.51 2.40%
Boeing Co. (BA) $184.35 2.38%
Johnson & Johnson (JNJ) $159.64 2.15%
Cisco Systems Inc. (CSCO) $47.24 1.62%
Chevron Corp. (CVX) $157.54 1.59%
Goldman Sachs Group Inc. (GS) $491.71 1.03%
Home Depot Inc. (HD) $353.29 0.85%

Dow Jones - Fallers

Intel Corp. (INTC) $31.10 -4.86%
Microsoft Corp. (MSFT) $418.40 -4.79%
Apple Inc. (AAPL) $217.49 -2.91%
Dow Chemical Co. (DOW) $52.85 -0.88%
Walmart Inc. (WMT) $70.02 -0.82%
McDonald's Corp. (MCD) $251.46 -0.75%
Walt Disney Co. (DIS) $89.21 -0.66%
Procter & Gamble Co. (PG) $166.90 -0.65%
American Express Co. (AXP) $240.18 -0.34%
Visa Inc. (V) $253.74 -0.17%

S&P 500 - Risers

Universal Health Services Inc. (UHS) $204.99 10.23%
CBRE Group Inc (CBRE) $107.43 9.29%
Helmerich & Payne Inc. (HP) $41.15 8.77%
RTX Corporation (RTX) $113.47 8.24%
CenturyLink Inc. (LUMN) $1.64 7.89%
Masco Corp. (MAS) $75.84 7.45%
Harley-Davidson Inc. (HOG) $36.39 7.44%
Gilead Sciences Inc. (GILD) $76.51 6.98%
Nasdaq Inc (NDAQ) $67.26 6.46%
Northrop Grumman Corp. (NOC) $470.57 6.43%

S&P 500 - Fallers

Edwards Lifesciences Corp. (EW) $59.70 -31.34%
Ford Motor Co. (F) $11.16 -18.36%
LKQ Corporation (LKQ) $38.95 -13.89%
Advanced Micro Devices Inc. (AMD) $138.32 -9.55%
Align Technology Inc. (ALGN) $226.05 -9.15%
Western Digital Corp. (WDC) $66.46 -8.83%
Waste Management Inc. (WM) $199.92 -8.03%
Royal Caribbean Cr (RCL) $152.02 -7.59%
Robert Half Inc. (RHI) $59.92 -7.56%
Cadence Design Systems Inc. (CDNS) $258.38 -7.28%

Nasdaq 100 - Risers

Gilead Sciences Inc. (GILD) $76.51 6.98%
O'Reilly Automotive Inc. (ORLY) $1,092.91 4.64%
Hasbro Inc (HAS) $61.52 4.56%
Incyte Corp. (INCY) $68.57 4.00%
J.B. Hunt Transport Services Inc. (JBHT) $170.79 3.40%
PACCAR Inc. (PCAR) $97.60 2.42%
Walgreens Boots Alliance, Inc. (WBA) $11.51 2.40%
Vodafone Group Plc ADS (VOD) $9.27 2.26%
Biomarin Pharmaceutical Inc. (BMRN) $85.59 1.92%
Cisco Systems Inc. (CSCO) $47.24 1.62%

Nasdaq 100 - Fallers

Align Technology Inc. (ALGN) $226.05 -9.15%
Western Digital Corp. (WDC) $66.49 -8.79%
Cadence Design Systems Inc. (CDNS) $258.38 -7.28%
Applied Materials Inc. (AMAT) $202.32 -7.04%
Synopsys Inc. (SNPS) $538.72 -7.02%
Broadcom Inc. (AVGO) $149.26 -6.99%
Lam Research Corp. (LRCX) $884.12 -6.88%
QUALCOMM Inc. (QCOM) $175.39 -6.27%
Asml Holdings N.V. (ASML) $862.63 -6.00%
Nvidia Corp. (NVDA) $112.28 -5.65%