NEW YORK: The Dow fell while the Nasdaq edged higher early Thursday as markets digested mixed corporate earnings and anticipated additional trade deal announcements from President Donald Trump.
Google parent Alphabet was among the early gainers, rising about three percent after reporting a whopping $28.2 billion in second-quarter profits as it touted its artificial intelligence offerings.
But Tesla dove around eight percent as CEO Elon Musk warned of a rough patch for earnings, while both Chipotle Mexican Grill and Dow Chemical suffered double-digit declines.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 44,779.70.
Wall St extends gains after report of US-EU nearing trade deal
The broad-based S&P 500 gained 0.2 percent to 6,371.86, while the tech-rich Nasdaq Composite Index climbed 0.3 percent to 21,081.49.
Briefing.com analyst Patrick O’Hare said Trump’s trade announcement with Japan had raised hopes about further deals.
“There is underlying enthusiasm for more trade deals being struck before the August 1 deadline,” O’Hare said.
The European Central Bank, meanwhile, held interest rates steady as policymakers waited to see whether the eurozone would strike a deal with Trump.
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