S&P 500 hits 5,000 level for the first time ever

The S&P 500 finished little changed on Thursday after briefly topping the 5,000 milestone for the first time on record.

The broad-based index edged up 0.06 per cent to finish at 4,997.91 after reaching a high of 5,000.40 heading into the close. The Dow Jones Industrial Average rose 48.97 points, or 0.13 per cent, to end at 38,726.33, while the Nasdaq Composite gained 0.24 per cent to close at 15,793.71.

Strong earnings, and a continued chug higher in mega cap technology stocks, have boosted the market in recent sessions, but concentrated leadership in 2023′s darlings has been a matter of concern for some investors fearing it could hamper a sustainable rally.

Earnings remained top of mind for investors, with Disney surging 11.5 per cent after beating quarterly earnings estimates and raising its guidance. Chipmaker and designer Arm jumped 47.9 per cent after reporting stronger-than-expected earnings and providing an upbeat profit forecast.

Yields rose Thursday with the 10-year Treasury note last at 4.16 per cent. The move put some pressure on stocks despite a raft of strong earnings reports that have lifted investor confidence that a robust economy can continue driving corporate profits and growth.

The earnings season continues after the bell with reports from Expedia, Affirm Holdings and Take-Two Interactive.

In commodity-related news, crude oil futures prices surged for the fourth consecutive day as Israel's rejection of a ceasefire proposal by Hamas heightened geopolitical tensions in the Middle East. U.S. Secretary of State Antony Blinken's diplomatic efforts aimed at securing a humanitarian pause in Gaza faced challenges as Israel vowed to continue its military campaign.

Shifting to US sectors, Energy was the best performer overnight, largely due to the continued rise in the prices of oil. Utilities was the worst performer.

Currency

One Australian dollar at 8.35am was buying 64.93 US cents.

Commodities

Gold lost 0.13 per cent. Silver gained 1.34 per cent. Copper lost 0.70 per cent. Oil gained 3.66 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE fell 0.44 per cent, Frankfurt added 0.25 per cent, and Paris closed 0.71 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 2.06 per cent, Hong Kong’s Hang Seng lost 1.27 per cent and China’s Shanghai Composite closed 1.28 per cent higher.

Yesterday, the Australian share market closed 0.31 per cent higher at 7,639.25.

Dividends payable
Newmark Property REIT (ASX:NPR)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

Disclaimer

The views, opinions or recommendations of the commentators in this presentation are solely those of the author and do not in any way reflect the views, opinions, recommendations, of Sequoia Financial Group Limited ABN 90 091 744 884 and its related bodies corporate (“SEQ”). SEQ makes no representation or warranty with respect to the accuracy, completeness or currency of the content. Any prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision. Commentators may hold positions in stocks mentioned and companies may pay FNN to produce the content at times. The content is for educational purposes only and does not constitute financial advice. Independent advice should be obtained from an Australian Financial Services Licensee before making investment decisions. To the extent permitted by law, SEQ excludes all liability for any loss or damage arising in any way including by way of negligence.
Copyright 2024 – Finance News Network