Stocks finished little changed Thursday, with the S&P 500 briefly crossing the 5,000 milestone for the first time ever, as market participants looked for direction amid an earnings heavy week. The broader market index settled above a flatline, while the Dow Jones Industrial Average added about 50 points and the tech-heavy Nasdaq Composite advanced 0.2%.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.06% or +2.85 points to 4,997.91

Dow Jones Industrial Average (DIA  ): +0.13% or +48.97 points to 38,726.33

Nasdaq Composite Index (QQQ  ): +0.24% or +37.07 points to 15,793.72

In the News: Richmond Federal Reserve President Thomas Barkin echoed other policymakers in a speech before the Economic Club of New York on Wednesday, saying more needs to be done to tackle inflation before the central bank begins rate cutting.

"It's possible that we will return to the pre-pandemic economy pretty seamlessly. It is also possible that the landing might be somewhat bumpier, with continued inflation pressure or demand challenges that we will need to counteract," he said in prepared remarks. "That's why I think it is smart for us to take our time."

On the Earnings Front: Disney (DIS  ) posted better-than-expected fiscal first-quarter earnings late Wednesday, with the entertainment giant say it is on pace to meet or exceed its goal of reducing costs by at least $7.5 billion by the end of fiscal 2024. Following its earnings, Disney also announced it will take a $1.5 billion stake in Epic Games, launch its separate ESPN streaming service in fall 2025, and exclusively host Taylor Swift's Eras Tour movie on its Disney+ platform.

PayPal (PYPL  ) also delivered stronger-than-expected fourth-quarter earnings Wednesday evening, with its total payment volume notably rising 15% year-over-year at $409.8 billion for the quarter. However, the payments processor issued weak forward guidance, anticipating first-quarter year-over-year earning per share growth within the mid-single digits, and full-year earnings of $5.10 per share -- both below analyst expectations.

"Given the considerable changes underway at the company, we believe it is prudent to guide revenue one quarter ahead and provide updates as the year progresses," CEO Jamie Miller said during the company's earnings call with investors on Wednesday.

Arm Holdings (ARM  ) reported better-than-expected third-quarter earnings on Wednesday as issued positive profit guidance for its current quarter, boosting shares nearly 48% higher on Thursday. The chip designer said it expects fiscal fourth-quarter earnings per share between $0.28 and $0.32 on sales of $810 million to $900 million.

In Economic News: Initial jobless claims ticked lower for the week ended Feb. 3, totaling 218,000 and coming below expectations, the Labor Department reported Thursday. Continuing claims, which are a week ahead, also declined by 23,000 to total a less-than-expected 1.87 million.

For Friday: Market participants will sift through another batch of corporate earnings, which include reports from Take-Two Interactive (TTWO  ), Pinterest (PINS  ), Cloudflare (NET  ) and Pepsico (PEP  ).