Stock market news live updates: Stocks give up gains, close lower amid more earnings

U.S. stocks edged lower Thursday, giving up early-session gains in a day of topsy-turvy trading as investors parsed more corporate earnings and economic data.

The S&P 500 (^GSPC) dipped 0.9%, and the Dow Jones Industrial Average (^DJI) ticked down 0.7%. The technology-heavy Nasdaq Composite (^IXIC) slid by 1%.

The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.66% Thursday. The dollar index weakened on Thursday against the euro, trading at $103.24.

Stocks closed lower Wednesday following recent Fed officials’ speeches signaling that more interest rate hikes are likely to continue and that rates could remain elevated for a longer period.

Some of the standout commentary came from Federal Reserve Governor Christopher Waller, who said that an effort to reach the central bank’s 2% target “might be a long fight.” Meanwhile, New York Fed President John Williams hinted that more hikes may be needed as interest rates were “barely in restrictive territory.”

The number of Americans filing new unemployment claims rose to 196,000 for the week ended Feb. 4, the Labor Department said on Thursday, higher than the 190,000 expected by economists.

In specific stock moves, shares of Disney (DIS) rose Thursday morning after the company reported an earnings beat and revealed new restructuring plans that include eliminating 7,000 jobs from its workforce and trimming $5.5 billion in costs. It pared gains later in the session, closing 1.3% lower.

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^GSPC
-0.34%

^IXIC
-1.18%

^DJI
+0.11%
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Dani Romero
Dani Romero·Reporter
Thu, February 9, 2023 at 4:06 PM GMT-5·4 min read
In this article:

^GSPC
-0.34%

^IXIC
-1.18%

^DJI
+0.11%

U.S. stocks edged lower Thursday, giving up early-session gains in a day of topsy-turvy trading as investors parsed more corporate earnings and economic data.

The S&P 500 (^GSPC) dipped 0.9%, and the Dow Jones Industrial Average (^DJI) ticked down 0.7%. The technology-heavy Nasdaq Composite (^IXIC) slid by 1%.

The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.66% Thursday. The dollar index weakened on Thursday against the euro, trading at $103.24.

S&P 500 (^GSPC)View quote details
SNP – Free Realtime Quote (USD)
4,068.86-12.64(-0.31%)
As of 12:10PM EST.Market open.

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Stocks closed lower Wednesday following recent Fed officials’ speeches signaling that more interest rate hikes are likely to continue and that rates could remain elevated for a longer period.

Some of the standout commentary came from Federal Reserve Governor Christopher Waller, who said that an effort to reach the central bank’s 2% target “might be a long fight.” Meanwhile, New York Fed President John Williams hinted that more hikes may be needed as interest rates were “barely in restrictive territory.”

The number of Americans filing new unemployment claims rose to 196,000 for the week ended Feb. 4, the Labor Department said on Thursday, higher than the 190,000 expected by economists.

In specific stock moves, shares of Disney (DIS) rose Thursday morning after the company reported an earnings beat and revealed new restructuring plans that include eliminating 7,000 jobs from its workforce and trimming $5.5 billion in costs. It pared gains later in the session, closing 1.3% lower.

The Walt Disney Company (DIS)View quote details
NYSE – Nasdaq Real Time Price (USD)
108.18-2.18(-1.98%)
As of 12:10PM EST.Market open.

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The world’s largest entertainment company delivered an adjusted earnings per share of $0.99, higher than the Street’s estimates of $0.74 cents per share. Disney lost 2.4 million streaming subscribers. Revenue jumped to $23.5 billion against forecasts of $23.4 billion.

“Disney is a bellwether for the state of the consumer and the double-digit quarterly revenue growth in its theme parks division helps to calm recession fears.