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Stock Market Today: S&P 500 ends at record, briefly hits 5,000 for first time ever

Published 02/08/2024, 01:49 PM
Updated 02/08/2024, 04:11 PM
© Reuters

Investing.com -- The S&P 500 ended at record high for the second-straight Thursday, and briefly touched an unprecedented 5,000 level just before the close as a surge in Disney and ARM kept the bulls marching on. 

At 16:00 ET (21:00 GMT), the S&P 500 Futures was up 0.1% to 4,998.76, after briefly touching the 5,000 level. The Dow Futures contract was up 48 points, or 0.1% to close at a record, while the Nasdaq 100 Futures added 0.2%.

Disney shines on Q1 report, dividend hike; ARM shows AI continue to reign supreme

Walt Disney Company (NYSE:DIS), meanwhile, jumped more than 11% after the media and entertainment company's delivered better-than-expected fiscal Q1, hiked its quarterly dividend by 50% and reinistated a $3B share buyback plan this year.

Disney also announced new deals and upcoming events that is likely to boost performance including a major foray into the gaming business, with a $1.5B stake in EPIC Gamess. Most of the newsflow was "nearly all positive," Macquarie Equity Research said in a note, but still questioned "the offset to the linear networks from direct-to-consumer advances, and the time it will take to bring about meaningful."

Arm Holdings ADR (NASDAQ:ARM) holdings surged 48% after the chip designer's current quarter guidance topped Wall Street estimates following fiscal Q3 results that beat analyst estimates. The upbeat guidance was driven by strong AI-led demand for its chip designs, which are licensed by major tech firms including Google, Nvidia, Apple.

PayPal leads financials lower as weaker guidance weighs

PayPal Holdings Inc (NASDAQ:PYPL) fell 11% to lead the broader financial sector lower after the payment processing company said it expects full-year earnings to be $5.10 a share, missing estimates of $5.48. The softer guidance offset quarterly results that beat estimates on both the top and bottom line.s

The guidance "calls for roughly flattish growth for both transaction gross profit dollars and non-GAAP EPS," UBS said in a note, suggesting fiscal 2024 will be the third consecutive year of total company gross profit growth hovering around the ~0% growth level."

Ralph Lauren surges as holiday season shopping drives earning beat  

Ralph Lauren (NYSE:RL) jumped more than 16% the apparel maker's better-than-expected quarterly drew a string of upgrades from Wall Street.

"[I]t's extremely impressive that management has been able to navigate the current macro environment," Wedbush said as it lifted its price target on the stock to $172 from $125. Ralph Lauren's average unit retail growth is expected to remain positive, Wedbush added, but at a "lower rate because they have less inflationary costs to pass on to the consumer."

Labor market continues to show strength as Fed speakers echo higher for longer rates

The number of people filing for unemployment benefits in the week ended Feb. 3 fell by 9,000 to 218,000, adding to a slew of recent data showing the labor market remains strong.

The recent strength in the labor market, which threatens to boost wages and inflation, has muddied investor expectations on aggressive Federal Reserve rate cuts this year. 

Richmond Fed president Tom Barkin on Thursday acknowledged that "robust" economic growth and a strong tight labor market gives the Fed time to hold off starting the "process of toggling rates down."

Revisions to inflation data eyed

The Bureau of Labor Statistics is set to release the annual update of seasonal adjustment measures for consumer price inflation for 2023. The annual revisions seek to filter out seasonality in consumer price index data to give cleaner view of the trajectory of inflation. 

In his January press conference, Fed chair Jerome Powell said the revisions would be "one piece of data I will be watching closely." 

"My hope is that the revisions confirm the progress we have seen, but good policy is based on data and not hope," he added.

Latest comments

All y’all pumper do is worry about highs after high? No one worry about correction level? Spy is way to high , this is gambling and not investing. Watch when it it drop
I don't worry "about highs after high"; I expect them.  I worry about those who expect lows after lows; the way I worry about Charlie Brown about to kick the football Lucy is holding yet again.  Just BTFD.
Mitch is having trouble chewing gum and posting at the same time.. he must be picking up his posituve responses from his friends in Russia and China.
with all this negative postings, we've odviously got a lot of people on this site that shouldn't be trading. they let their Maga politics cloud their judgment.
Oh the irony.
Damn you Joe Biden!
The most poltical DOJ in american history udermining the Consitution but hey its ok the stock markets pumped. Yay!
Except, in the real world...
The political DOJ charging Hunter Biden? That political DOJ?
This market is a ridiculous fiasco. My retirement is set with solid dividend stocks, so I don't need to buy into this balloon. If they can keep inflating up until the presidential election, I'll go in with at least half a million in QQQ and TQQQ puts. The next market crash is going to be phenomenal.
In what way is market "a fiasco"?
A fiasco for the America haters and magaloons.
Tell all those struggling Americans and bankrupt companies they need to look at stocks as the real indicator of their prosperity.
All these bad earnings and companies tanking after earnings are very bullish! I can see why people keep pumping money in to 7 companies that already have massively bloated P/E! So bullish!
They just keep pumping money into a handful of trillion+ stocks while small to mid size companies are going bankrupt and losing value. Meanwhile, the same companies that are gaining value (value not profits) are cutting tens of thousands from their staff. They just say "AI" and people pump money into their stocks while they behave as if they are going bankrupt, This will not end well. There is a reason 90% of people feel the economy is bad now and most people's 401ks have significantly underperformed the general market. Many 401k funds are still at the same price they were years ago.
7500 soon as long as the fiscal spending keeps up!
and YES! WE ARE GREEN . so easy
Closer to flat than to green.
More "late trade" magic in the biggest investment JOKE in the world.  Watch the Wall Street criminals laugh in the face of America, and hand-place the S&P above 5K by the close.  Fraudulent, criminally manipulated JOKE.
What magic?  SPX began and ended the last hour at the same price
Some people get triggered by nothing.
Title correction: "Companies continue to report terrible earnings and plunge in price as Fed also comes out and reports no rate drops, but market holding on for no reason"
There's still $4-6 trillion of printed money not to mention the federal debt going up a record increase rate, so that money goes somewhere in $USD terms.
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