Dow Jones climbs, S&P 500 and Nasdaq slip; Investors weigh tech earnings
US equities were largely steady on Thursday as investors digested quarterly results from Nvidia and Salesforce, while also assessing fresh labour market data. The S&P 500 hovered around the flatline, while the Nasdaq Composite slipped 0.7%. The Dow Jones Industrial Average outperformed, rising 141 points, or 0.4%.
Nvidia shares gained about 0.5% after the chipmaker reported better-than-expected fourth-quarter earnings and revenue. In contrast, Salesforce fell nearly 1% after issuing weaker-than-anticipated fiscal 2027 revenue guidance. The stock has been under pressure amid concerns that rapid advances in artificial intelligence could disrupt traditional software business models.
Adding to the day’s developments, fresh data from the US Department of Labor showed initial jobless claims totalled 212,000 last week, below market expectations. Claims edged slightly higher but remained within a historically low range, signalling that employers are largely holding back on layoffs despite signs of softer hiring trends.
The muted moves followed a strong session on Wednesday, when the S&P 500 climbed 0.8% for a second straight day of gains. The Nasdaq jumped roughly 1.3%, while the Dow added about 307 points, or 0.6%. Technology names led the advance, with Oracle Corporation rising 1.2% and Microsoft — a relative laggard this year — surging around 3%.
In commodities, gold prices edged higher as uncertainty around US tariff policy boosted safe-haven demand. Investors were also awaiting clarity on potential US-Iran talks later in the day. Spot gold rose 0.4% to $5,190.01 per ounce after touching a more-than-three-week high earlier this week, while US gold futures for April delivery slipped 0.4% to $5,206.80.
Oil prices, however, declined on signs of oversupply and easing geopolitical risk. Brent crude futures fell 82 cents, or 1.16%, to $70.03 per barrel, and West Texas Intermediate futures dropped 79 cents, or 1.2%, to $64.63 per barrel. The decline followed data from the Energy Information Administration showing that US crude inventories surged by 16 million barrels last week — the largest build in three years. Traders are also assessing whether diplomatic engagement between Washington and Tehran could avert a supply-disrupting military conflict.
Earlier in the day, US stock futures had pointed to a cautious start. Futures tied to the Dow slipped about 60 points, or 0.1%, while contracts on the S&P 500 and Nasdaq-100 were also down 0.1% as investors weighed the mixed earnings signals.
Sentiment in software and cybersecurity stocks remains fragile this year, with investors debating the long-term impact of fast-evolving AI capabilities on incumbent technology companies’ valuations.