The Dow Jones Industrial Average rose for a ninth consecutive day on Thursday as strong earnings continued to propel the index higher. However, the S&P 500 Index and Nasdaq Composite came under pressure throughout the session, falling 0.7% and 2%, respectively.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving the Dow higher, Johnson & Johnson
The broader market fell on Thursday as market participants weighed second-quarter earnings reports from Netflix
Of all S&P 500 companies that have reported earnings so far, 74% have exceeded Wall Street estimates, according to FactSet data.
On the economic front, sales of existing U.S. homes fell 3.3% in June month-over-month to a seasonally adjusted annualized rate of 4.16 million units, according to the National Association of Realtors on Thursday. Compared to June 2022, sales were 18.9% and are currently at their slowest pace for June since 2009.
"Home sales fell, but home prices have held firm in most parts of the country," said Lawrence Yun, chief economist at NAR, in a statement. "Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month."
"There are simply not enough homes for sale," Yun added. "The market can easily absorb a doubling of inventory."
Initial jobless claims totaled a less-than-expected 228,000 for the week ended July 15, according to the Labor Department, declining by 9,000 from the previous week. Continuing unemployment claims increased by 33,000 to 1.754 million.
Looking ahead, Wall Street is in for a quiet day on Friday, with no economic data releases and few earnings reports slated for release. Market participants are also trading cautiously ahead of the Federal Reserve's next policy meeting next week.