The stock market saw mixed results on May 8 and 9, 2024, with the Dow Jones Industrial Average extending its winning streak to six consecutive days while the S&P 500 and Nasdaq Composite experienced minor losses. The major indexes moved in narrow ranges throughout the sessions as investors digested a slew of earnings reports.
On May 8, the Dow added 0.4%, or nearly 200 points, with Amgen leading gains after announcing strong quarterly results and providing a positive update on its weight-loss drug MariTide. The S&P 500 closed roughly flat, while the tech-heavy Nasdaq Composite slipped 0.2%. Boston Fed President Susan Collins signaled that it will take longer than previously thought to bring inflation down, adding uncertainty to the market.
On May 9, Dow futures hovered near the flatline after the index posted its sixth consecutive winning day. Disney and Warner Bros. Discovery announced plans to offer their streaming services in a bundle this summer, available on both ad-supported and commercial-free tiers. The S&P 500 inched slightly lower to close near the flatline, while the Nasdaq Composite slid about 0.2%. Uber and Shopify were among the tech stocks that weighed on the indexes after reporting quarterly results.
Q1 earnings have been mostly better than expected, with Q1 earnings now expected to climb 6.5% y/y, and about 81% of reporting S&P 500 companies have beaten Q1 earnings estimates. The strength of chip makers and AI hardware stocks has also supported the overall market.
Investors will next turn their attention toward quarterly results from Warner Bros. Discovery and Akamai Technologies on Thursday, as well as weekly jobless claims.
