The Dow Jones Industrial Average fell 107 points, or 0.31%, while the S&P 500 index declined 0.01% and the Nasdaq Composite inched higher by 0.22%. Both the Dow and the S&P on Wednesday closed 0.1% below their respective record peaks. The Nasdaq was 1.7% off its own all-time high.
|I:DJI||DOW JONES AVERAGES||35491.1||-118.24||-0.33%|
|I:COMP||NASDAQ COMPOSITE INDEX||15168.12386||+46.45||+0.31%|
Data released Thursday morning showed weekly jobless claims fell to a pandemic-era low. Existing home sales are due out later Thursday morning.
Following the claims data, the yield on the 10-year note held at 1.66%, a five-month high.
In stocks, Tesla Inc. reported record quarterly revenue and profits but warned supply chain bottlenecks would squeeze margins. Shares were trading at a record high midday.
Other tech names, including Netflix and Microsoft, also hit fresh records.
In other tech news, IBM Corp. posted weaker-than-expected quarterly revenue as cloud-computing sales edged up a disappointing 2.5%. The company said higher labor costs are not yet reflected in its pricing.
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||129.97||-11.93||-8.41%|
AT&T Inc. beat on the top and bottom lines as the number of net new phone subscribers easily exceeded Wall Street estimates.
Southwest Airlines Co.’s quarterly loss narrowed as travel demand roared back. The airline said travel disruptions caused by air traffic control issues, staffing shortages and bad weather in Florida earlier this month cost the company $75 million.
|LUV||SOUTHWEST AIRLINES CO.||48.66||-0.80||-1.61%|
Chipotle Mexican Grill Inc., Intel Corp. and Snap Inc. are among the companies set to release their quarterly results after the closing bell.
|CMG||CHIPOTLE MEXICAN GRILL, INC.||1,836.66||+13.31||+0.73%|
In commodities, West Texas Intermediate crude oil declined 47 cents to $82.95 a barrel while gold fell $1.60 to $1,783.30 an ounce.
Overseas markets were under pressure.
European bourses were weaker across the board with Germany’s DAX 30 slipping 0.06%, France’s CAC 40 losing 0.39% and Britain’s FTSE 100 sliding 0.54%.
In Asia, Japan’s Nikkei 225 sank 1.87% and Hong Kong’s Hang Seng index dipped 0.45%. China’s Shanghai Composite index, outperformed, trading up 0.22%.