The Dow Jones Industrial Average rose from the day's lows at the closing bell Thursday, sinking 0.4%. Dow Jones component American Express fell after earnings. Intel lost ground with earnings due April 27. Microsoft also saw a small loss with earnings slated for April 25.
The S&P 500 traded just above session lows at 4 p.m. ET, down 0.6%. Weak quarterly results from AT&T and Tesla weighed on the index on Thursday. Steel Dynamics rose to test its 50-day line after strong earnings. D.R. Horton also rose after an earnings beat.
Lam Research gained ground in a base while Applied Materials rose, even as software stocks Atlassian, Datadog and Zscaler fell in the Nasdaq exchange.
The tech index lost 0.8% at the end of the last trading hour. The small-cap Russell 2000 fell 0.8%.
NYSE volume was higher while Nasdaq volume was lower compared to the same time on Wednesday.
Crude oil fell over 2.5% to $77.55 per barrel. The yield on the benchmark 10-year Treasury note dumped 5 basis points to 3.54%.
Tesla, Musk Face Hurdles
EV giant Tesla's 85 cents per share Q1 profit marked a 20% year-over-year decline while revenue of $23.33 billion missed views for $23.73 billion. The EV maker hit record Q1 deliveries after price cuts drove demand. But cheaper prices are pressuring margins. Several analysts shifted their price targets down.
Shares gapped down 10% on Thursday.
Tesla chief Elon Musk's woes increased after SpaceX's Starship rocket exploded midair after launch on Thursday. The two-stage rocket did not get past 20 miles of altitude.
Earlier, Dow Jones leader Microsoft pulled out of its API access for Twitter for its advertising platform.
Telecom bellwether AT&T nose-dived after earnings.
Sales of $30.1 billion were a shade below views of $30.2 billion. But earnings topped views of 58 cents per share by 2 cents. However, free cash flow of $1 billion was well below expectations of $3.2 billion. T stock dived over 5%, undercutting its base and falling below both its 50- and 200-day moving averages.
Bed Bath & Beyond fell sharply on reports the embattled home goods store is preparing to file for bankruptcy.
Taiwan Semiconductor Manufacturing rose after earnings and a lowered outlook as it expects a 16% fall in second quarter sales. The company anticipates "customers' further inventory adjustment." Shares are clearing the 50-day line. TSM is a chief supplier of advanced chips to iPhone maker Apple.
Market Holds Key Levels; Tesla Dives But Cathie Wood Hikes PT to $2,000
Shares Breaking Out Outside Of Dow Jones
Installed Building Products broke out of a cup base at an entry of 121.70. Its relative strength line is at a 52-week high as well, according to IBD MarketSmith.
Boyd Gaming broke out of a cup with handle at 67.60, ahead of earnings on April 25.
Building products stock Watsco broke out in strong volume after earnings, with a relative strength line at new highs.
Existing home sales fell 2.4% in March to a seasonally adjusted 4.44 million. Median existing home sales price fell 0.9% from a year ago.
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