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The stock market was split in half on Thursday, with strong earnings from old economy leader Caterpillar boosting the Dow Jones Industrial Average, while concerns about overly ambitious artificial intelligence spending knocked down Meta and the NASDAQ Composite.
The 30-stock index climbed 584.39 points, or 1.2%, to 49,446.20.
The much broader index nicked lower 1.06 points to 7,134.85.
The tech-driven NASDAQ sagged 164.55 points to 24,508.69.
Caterpillar shares popped 9% on Thursday after the company better-than-expected quarterly figures, boosting the Dow. Conversely, Meta Platforms and Microsoft lost 9% and 5%, respectively, weighing on the S&P 500 and NASDAQ. Meta shares were weighed by the company’s latest capital expenditures guidance, while user growth disappointed. Microsoft pulled after it said spending will reach $190 billion due to high memory costs.
But even with the latest pressure in technology, a surge in those stocks has placed the three major averages on pace to round out a strong month. The S&P 500 has risen more than 9% month to date, putting the index on pace for its best month since November 2020. The NASDAQ is heading for a 13% jump, tracking for its best month since April 2020. The Dow is set to end April with a more than 6% gain — its strongest monthly performance since November 2024.
Oil prices reversed course Thursday, with Brent crude futures losing 2% to trade above $114 a barrel and West Texas Intermediate futures falling 0.5% to trade above $106.
Crude prices rose Wednesday as overseas tensions remained high between the U.S. and Iran. The Wall Street Journal, citing U.S. officials, reported that President Donald Trump told his aides to prepare for an extended blockade of Iran.
Prices for the 10-year Treasury gained ground, lowering yields to 4.40% from Wednesday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.88 to $105.00 U.S. a barrel.
Gold prices pointed higher $74.30 to $4,635.80 U.S. an ounce.
