Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Stock Market Today: S&P 500 ends just shy of record as earnings parade continues

AuthorYasin Ebrahim
Published 02/05/2024, 06:46 PM
Updated 02/06/2024, 04:22 PM
© Reuters.

Investing.com -- The S&P 500 staged a late dash from the lows of the day as the race to record highs resumed following a recent stumble as broadening out of the rally on stronger corporate earnings helped soften the blow from chip-led weakness in tech stocks.    

By 15:35 ET (20:35 GMT), the benchmark S&P 500 gained 0.1% to 4,954.24, just shy of its prior record Feb. 2 close of 4,958.61. The tech-heavy Nasdaq Composite rose 0.1%, and the blue chip Dow Jones Industrial Average had climbed by 141 points or 0.1%.

Eli Lilly, Palantir, Spotify impress on earnings stage

Eli Lilly (NYSE:LLY) ended just below the flatline after giving up gains despite reporting fourth-quarter results that topped estimates, driven by soaring demand for its new suite of obesity and diabetes drugs. 

Palantir Technologies Inc (NYSE:PLTR) surged nearly 31% after reporting Q4 beat on both the top and bottom lines as commercial revenue jumped underpinned by new business deals. "Its clear that as AI use cases explode enterprise chief investment officers are looking towards [Palantir CEO] Alex Karp  as the AI golden child for a platform to build out AI frameworks for the future," Wedbush said in a note, after lifting its price target on the stock to $30 from $25.

Spotify Technology SA (NYSE:SPOT), meanwhile, narrowed its losses in fourth quarter after revenue climbed 17% as the music streaming racked in more monthly active users than Wall Street expected. Its shares rose nearly 4%.    

Tech slips on dip in chips; Docusign falls as takeover hopes cool

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Tech stocks, meanwhile, were dragged lower by weaker semiconductor stocks, with NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices Inc (NASDAQ:AMD), and Rambus Inc (NASDAQ:RMBS) leading the declines, with latter slumping 19% after reporting a slip in revenue in Q4 year-on-year 

DocuSign Inc (NASDAQ:DOCU) fell 2% after the company said it would layoff of 6% of its workforce and signaled that it would remain a public company following a Reuters reports that talks with potential suitors had stalled. The job cuts were part of restructuring plan that company said will help it "realize its multi-year growth aspirations as an independent public company."

Fed speakers continue to echo higher for longer rates

Federal Reserve officials continued to reiterate that the Fed isn't in a rush to cut rates as there remains work to be done on slowing inflation to the 2% target.  

Minneapolis fed president Neel Kashkari said recent inflation data on a six-month, or three months basis, show that inflation is "basically" at target, though cautioned that it is "not all the way there yet."   

The remarks arrived on the heels of Federal Reserve Bank of Cleveland President Loretta Mester saying that policymakers will likely cut rates later this year should inflation continue to cool, though added that there was "no rush" to cut.

(Scott Kanowsky, Oliver Gray contributed to this report.)

Latest comments

DOLLARS = MONKEY MONEY. With the huge level of debts and enormous stress on credits, it has become fondamental that the dollar remains the king of the univers but that fight is going to be lost, it is just a matter of time, this is why now the big banks like JP Morgan and others invested so much on bitcoin, asked for creating an ETF as they want to become the strongest players in order to control the price of thes major cryptos assets considering the volumes and the increasing adoption. The US500 & US100 indices are totally under control, don't worry.so why not the rest ? The 401K plans cannot be financed with a good short selling ? So what are you waitling for a major correction dudes ? .
Blockchain technology is disrupting traditional finance.
The entire weight of this stock market is at the hands of NVDA, which has nearly a $1.5 trillion market cap with only $18 billion last reported profits. Talk about a bubble. The Fed has been saying for weeks now that the rate cuts that were causing the market to pump are not happening.
The entire weight of this stock market is at the hands of NVDA, which has nearly a $1.5 trillion market cap with only $18 billion last reported profits, and META where Zuck just had to testify in front of Congress about the harm it is doing to ch.ild.ren and how it is enabling p.edophi.les. And now SNAP crashes 30% because of massive losses.
Can you short??   the market can stay wrong far longer than you can stay solvent.
Oh yes, all these headlines about no rate cuts, bad earnings, and mass layoffs...so bullish! "Snap stock crashes 30% after projecting higher-than-expected loss for Q1"
Corporate Insiders are selling this junk like never before. Ratio is at 150!!!  Warning to all the FOMO bag holders
Remember Wall doesn't give a rats ass about your 401K
 They use people's 401ks to pump the market and while they dump and open short positions. This is why virtual all funds that are offered as part of 401k plans have underperformed the stock market. Many 401ks are at the same prices they were at years ago.
Another "late trade" miracle, as the US Ponzi Scheme continues to DEFRAUD America in broad daylight.
right on schedule with Mitch's ignorant complaints.
"DEFRAUD America in broad daylight"  --  Then it should be easy for you to build a case and take it to court.
Time for the "late trade" magic show.  What, prey tell, are savvy "investors" going to "price in" now?  Is 30 years of global economic perfection not sufficient?  Or, does every company that "beats" their criminally rigged, low-ball "estimate" need to be "priced in" as well?  What an absolute joke.
I know first last, it such a shame, but then trying to stop a crook from taking over America and destroying American democracy and installing a religious One party state; the ultimate goal of the major supporters of Donald Trump.the heritage foundation's project 2025 is only the first step. Stopping them will have to be it's only reward.
Ron is supporting Mitch's stupidity and ignorance.and probably losing money.
looks like we've got some people that support Mitch's ignorance and stupidity. how's that working out for you.
us is digging a grave for themselves even history will tell, ain't no soft landing for your ship states just cut the damn rate before is too late.
cutting rates won't help
Dimming rate cut hopes? Powell just said that there won’t be one in March. Lazy reporting.
The market is pricing in a lower, but not near-zero, odds of a March cut.  And "dimming rate cut hopes" doesn't just refer to March.
As the criminal manipulation of this laughable, so-called "market" continues, 401K and pension plans are continuing to invest in the most grossly overvalued stocks in history.  As such, average holdings are well beyond catastrophic levels.  American's are about to see their retirement savings evaporate when this fraud finally collapses.  All in broad daylight.
I can’t believe 6 personnes like this post… like the same post each and every single days for 5 years.
"All in broad daylight."  --  Transparency is good for the market.  Quit whining about that.
mitch has opened multiple accounts to defend his stupidity. I'm sire the're can't be that many stupid people supporting his views.
Big tech companies laid off over 30,000 employees during just the first month of 2024 due to shift into "AI". Once this AI bubble pops and they realize that just saying AI does not convert to growth the economy is going to implode. NVDA added $1 trillion in valuation alone with many 401k funds dumping peoples retirement accounts into it and the other bloated tech stocks. In fact, NVDA has added an average of over $10 billion market cap every day for the past 70 trading days. That is over 1/2 trillion dollars of valuation added over the past 2 months.
Another single day loss in the biggest investment JOKE in the world.
  Yup, same thing whether the market is up or down or flat..
which descriptive word to complete my sentence, shall we use let's see, molester pervert can anyone think of a better one to describe maga member mark and his illustrious dear leader Trump.
hiw about biggest loser.
can mr powell finally connect two things: sane rates and strong economy data. Or it's to compolicated idea.
"strong economic data gave the Fed more time" Can't mr.Powell finally connect two things: sane rates and strong data? look at commodities. Bubble-makers can do nothing even with the conflicts.
Whats with crypto currency generating 2 percent of all electricity used in usa?
bitcoin is nothing more but electricity.
not generating but consuming about 2% of US electrical generation. on texas it is even higher.
It's fantastically energy-intensive.
Environmental, social, and governance factors are gaining in importance.
Environmental, social, and governance factors are gaining in importance.
But they shouldn’t
  You're replying to a spammer.
Shipping rates will cause inflation. Biden's weak response to Iran is contributing factor.
Biden's response is way stronger than Trump's response to Iran striking US forces in 2020.
Stephen is pushing MAGA's jealous response with propaganda to president Biden and his military's attacks on the Iranian supported terrorists.
Welcome to the pre-market FRAUD in the laughingstock of the financial world.
welcome to the premarket fraud that is Mitchel pioneer..
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.