The US stock market was little changed on Thursday, with the S&P 500 and Nasdaq Composite holding modest gains while the Dow Jones Industrial Average slipped.
Investors assessed a mixed set of corporate earnings and looked ahead to Friday’s key jobs report.
The S&P 500 and Nasdaq each edged up around 0.1%, while the Dow dropped 189 points, or 0.4%, weighed down by disappointing results from major companies.
Key market movers on Thursday
- Semiconductors slide: Chip stocks saw sharp declines, with Qualcomm and Arm each falling 4%, while Skyworks Solutions plunged 24% after posting weak quarterly results.
- Ford slumps: Shares of Ford tumbled 7% after the automaker warned of a tough 2025.
- Honeywell drags the Dow lower: The industrial giant’s stock fell 5% after issuing weaker-than-expected full-year earnings guidance and announcing a split into three separate companies.
- Philip Morris surges: In contrast, Philip Morris jumped 10% after reporting strong fourth-quarter earnings and revenue, setting the stock up for a record-high close.
Investors focus on tariffs and jobs data
Market sentiment appeared to stabilize after concerns over new US tariffs on Chinese imports earlier in the week.
Investors reacted positively to President Donald Trump’s decision to pause additional duties on Mexican and Canadian goods.
Wall Street is now awaiting January’s jobs report, due Friday morning. Economists expect nonfarm payrolls to rise by 169,000, down from 256,000 in December.
A softer jobs number could influence Federal Reserve policy expectations.
Meanwhile, gold continues to benefit from market uncertainty.
UBS raised its 12-month gold price forecast to $3,000 per ounce, expecting further gains.
Spot gold last traded at $2,849.89 per ounce after reaching an all-time high of $2,882.16 on Wednesday.
Amazon earnings in focus
Investors are also watching Amazon, which is set to report its fourth-quarter earnings after the market close.
Analysts will be looking for updates on its cloud business, Amazon Web Services, after Alphabet’s disappointing cloud revenue report earlier this week.
The e-commerce giant has been cutting costs since 2022 while positioning itself as a major player in artificial intelligence.
In another development, Eli Lilly shares rose 3% after the company reassured investors about the growth potential of its obesity drug business.
Analysts see the company’s 2025 forecast as “highly achievable.”
With a crucial jobs report ahead, Wall Street remains cautious but steady as earnings season continues.
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