Dow notches 9-day win streak while earnings from Netflix, Tesla drag down Nasdaq

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 17, 2020.Lucas Jackson/Reuters

• The Dow notched a nine-day win streak on Thursday, its longest win streak since February 2021.

• While the Dow surged, the Nasdaq 100 and S&P 500 dropped as investors soured on Tesla and Netflix earnings.

• Initial jobless claims fell to 228,000 last week, below economist estimates for 242,000.

---

The Dow Jones Industrial Average notched a nine-day win streak on Thursday as investors pushed Dow-member Johnson & Johnson up 6% after a solid earnings report. The win streak was the index's longest since a 12-day streak of gains in February 2021.

Meanwhile, the Nasdaq 100 was dragged down 2% as investors soured on earnings from Netflix and Tesla.

Tesla and Netflix stock fell 10% and 8%, respectively even though both companies beat analyst profit estimates. Investors were concerned about Netflix's declining average revenue per user as its launch of a lower-cost advertising tier continues, and soured on Tesla's decline in automotive gross margins.

Initial jobless claims fell to 228,000 last week, well below economist estimates for 242,000 jobless claims. The data continues to suggest that the economy and labor market remain resilient.

Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:

• S&P 500: 4,534.84, down 0.68%

• Dow Jones Industrial Average: 35,224.43, up 0.47% (163.22 points)

• Nasdaq Composite: 14,063.31, down 2.05%

Here's what else happened today:

• Tesla's earnings call included Elon Musk talking about Nvidia and its AI dominance, the Cybertruck, and Warren Buffett. Here are his 12 most interesting quotes from the call.

• Credit Suisse increased its year-end S&P 500 price target by 16% to 4,700 as the rally in the stock market continues to defy skeptics.

• Microsoft's near-50% rally so far this year has helped CEO Satya Nadella reach $1 billion in total payouts since he took over the top job in 2014.

• Billionaire investor Barry Sternlicht's Starwood Capital Group just defaulted on a $212.5 million loan tied to an office building in Atlanta.

• Home sales dropped to a 14-year-low in June, thanks to the shortage in inventory plaguing the housing market.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil rose 0.54% to $75.70 per barrel. Brent crude, oil's international benchmark, edged up 0.24% to $79.65.

• Gold fell 0.40% to $1,972.90 per ounce.

• The yield on the 10-year Treasury rose 9 basis points to 3.84%.

• Bitcoin dropped 0.55% to $29,754, while ether fell 0.04% to $1,888.

Read the original article on Business Insider