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Today in the stock market: Stocks climb on the back of stronger-than-expected GDP growth, while Tesla experiences a decline.

  Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%.  The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%. Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge. After-hours attention focused on Intel (INT...
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Today in the stock market: Stocks climb on the back of stronger-than-expected GDP growth, while Tesla experiences a decline.

 

Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%. 


The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%.

Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge.

After-hours attention focused on Intel (INTC), with Wall Street anticipating an artificial intelligence (AI) boost for the chipmaker in its upcoming results.

American Airlines (AAL) experienced a stock rise following the release of better-than-expected 2024 guidance, while Southwest Airlines (LUV) exceeded Wall Street's profit expectations for the latest quarter.

Alaska Airlines (ALK) disclosed $150 million in costs related to the recent grounding of its Boeing 737 Max 9 fleet due to a mid-air door plug incident. Although the FAA permitted the return of the 737 Max 9 jets to service after safety checks, Boeing (BA) was instructed to halt any planned production increases for the model, causing disruption for customers and suppliers and contributing to a decline in Boeing's shares.

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