The Dow Jones Industrial Average fell slightly on Thursday as IBM shares plummeted (-9.56%) to $ 128.33 apiece after a disappointing quarterly result, but the NASDAQ rose and the S&P 500 Index hit an all-time high with the help of high-profile stocks like Tesla (3.26%).
After hitting an intraday record on Wednesday, the Dow pulled back. Shares of IBM fell because it did not meet Wall Street estimates for its quarterly revenue, as orders from one business area declined before a spin-off next month.
The S&P 500 added its seventh session to the upside. Of its 11 main sectors, consumer discretionary was the one that rose the most, while energy was the one with the greatest loss, as crude futures fell amid concerns about demand.
The CBOE volatility index, also known as the Wall Street fear measure, reached its lowest point since early July during the session.
The move suggests investors don’t see a big decline or rally for stocks going forward, despite concerns about cost-increasing supply chain issues, according to Shawn Cruz, Senior Market Strategist at TD Ameritrade.
The S&P 500 gained 0.30%, to 4,549.78 units, while the NASDAQ gained 0.62%, to 15,215.70 points and the Dow Jones Industrial Average fell 0.02%, to 35,603.08 integers.
Analysts expect third-quarter earnings for the S&P 500 to increase 33.7% year-over-year.
Tesla was the biggest boost from the NASDAQ, as investors digested the electric carmaker’s positive results, despite a supply chain warning.
Intel reported lower-than-expected revenue on Wall Street, as it continues to lag behind rivals in supplying faster chips to meet demand for computing devices for hybrid work.
Shares of Intel, one of the world’s largest chipmakers, fell 4% in electronic trading after the close.