US stock market finished lackluster session narrowly mixed after bouncing back and forth across the unchanged line on Wednesday, 24 April 2024, as investors digested the latest round of corporate earnings and prepared for the release of first-quarter GDP data due on Thursday, which will give markets a sense of how strong the economy is growing and point to the Federal Reserve's next move. Later this week, the Commerce Department is due to release a report on personal income and spending that includes readings on inflation said to be preferred by the Fed.
Investors were also preparing to take in more earnings results, which have been resilient so far this quarter. Facebook parent Meta Platforms will report after the closing bell, while Microsoft and Alphabet will report results after the close on Thursday.
At closing bell, the Dow Jones Industrial Average index was down 42.77 points, or 0.11%, to 38,460.92. The S&P500 index advanced 1.08 points, or 0.02%, to 5,071.75. The tech-heavy Nasdaq Composite index increased by 16.11 points, or 0.1%, to 15,712.75.
Total 7 of 11 S&P500 sectors closed higher along with S&P500 index, with consumer staple was top performing sector, rising 0.93%, while industrial sector was bottom performer, falling 0.79%.
Among individual stocks, Tesla spiked by 12.1% even though the electric vehicle maker reported weaker than expected first quarter results. The surge by Tesla came after CEO Elon Musk said the company plans to start production of a new affordable model by early 2025.
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