Key facts
- U.S. stocks opened mixed on Thursday amid a busy corporate earnings season.
- The S&P 500 and Nasdaq Composite saw slight gains, while the Dow Jones Industrial Average experienced a minor decline.
- Keurig Dr Pepper and Molson Coors reported positive financial results, while Honeywell Aerospace and AppLovin saw significant drops.
- More than 911 million SpaceX shares became available for sale as a lockup period expired.
- Oil prices, specifically Brent crude, rose to $80.78 per barrel.
- Treasury yields increased, with the 10-year yield reaching 4.64%.
U.S. stocks experienced a mixed start to trading on Thursday as a multitude of companies released their latest financial results, contributing to an active earnings season. The S&P 500 edged up 0.2%, and the Nasdaq composite also rose 0.2%, both hovering near record highs set earlier in the week. In contrast, the Dow Jones Industrial Average dipped slightly by 21 points, or less than 0.1%, also trading near its record.
Among individual companies, Keurig Dr Pepper saw a 1% increase after exceeding investor expectations for earnings and revenue, while Molson Coors also reported encouraging financial results, leading to a 1% stock rise. Conversely, Honeywell Aerospace fell 21% after its results significantly missed forecasts, and digital ad company AppLovin slumped 19.6% following mixed quarterly performance.
Outside of earnings, SpaceX shares saw a 0.6% rise as over 911 million shares held by early investors and employees became eligible for sale with the expiration of a lockup period. These shares, which initially soared above the $150 asking price, have since fallen about 25% to trade around $110.
Oil prices gained ground, with Brent crude rising 1.7% to $80.78 per barrel, amid ongoing uncertainty surrounding U.S. involvement with Iran. Treasury yields also rose in the bond market, with the 10-year Treasury yield climbing to 4.64% from 4.63% on Wednesday. European markets were higher, while Asian markets closed mostly lower overnight.