The S&P 500 and NASDAQ moved higher on Thursday as traders kept an eye on the Middle East, with a deal to reopen the key Strait of
Hormuz in the works. Wall Street also weighed a slew of corporate earnings releases.
The Dow Jones Industrials plummeted 290.7 points, to greet noon hour at 54,058.42.
The S&P 500 sagged 7.66 points to 7,751.95.
The NASDAQ Composite inched up 7.64 points to 26,371.08.
NASDAQ’s rise was helped by gains in semiconductor stocks. Broadcom shares rose nearly 2%, while Marvell Technology climbed 3%. Nvidia also traded in the green.
However, Sandisk shares dropped 13%. The memory name posted fiscal fourth-quarter results that failed to impress investors.
Additionally, AppLovin tumbled 16% on mixed quarterly results, and Western Digital shed 18% as the company’s first-quarter forecast disappointed investors. Its fourth-quarter results topped expectations, however.
Prices for the 10-year Treasury hiked, lowering yields to 4.64% from Wednesday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.63 to $76.85 U.S. a barrel.
Gold prices improved $2.50 to $4,307.70 U.S. an ounce.
