NEW YORK: US stocks opened little changed Thursday as strong Disney results bolstered the prospects for the S&P 500 hitting the 5,000 threshold.
Shares of the entertainment giant rocketed up nearly nine percent as Disney reported better-than-expected profits, disclosed it is buying a stake in Fortnite-maker Epic Games and announced a dividend hike and new share repurchase program.
S&P 500 hits record high with earnings, rate outlook in spotlight
The Disney results follow good earnings this week from Caterpillar, Chipotle and other companies that have produced a string of records in recent weeks.
About 20 minutes into trading, the Dow Jones Industrial Average was essentially flat at 38,669.55.
The broad-based S&P 500 dipped 0.1 percent to 4,992.42, while the tech-rich Nasdaq Composite Index added 0.1 percent at 15,764.58.
British chip designer Arm surged more than 40 percent as it boosted its forecast in light of robust demand for “all things” artificial intelligence.
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