08/02/2024
U.S. stock indexes were muted on Thursday, with the S&P 500 just a whisker away from the 5,000-point mark, as investors sized up major corporate earnings reports, softer-than-expected jobs data and remarks from policymakers on interest rate cuts.
Walt Disney (DIS.N), opens new tab gained 8.5%, lifting communication services (.SPLRCL), opens new tab to one of the top S&P 500 sectors, after the media giant hit back at activist investors with a market-beating profit, a gaming investment and plans to launch an ESPN streaming service in 2025.
The company also announced a $3 billion share repurchase plan and a 50% increase in dividend.
Spirit Airlines (SAVE.N), opens new tab jumped 3.0% as it expects to operate with a positive cash flow from the second quarter after reporting a narrower-than-expected loss.
More than half of the S&P 500 companies have reported quarterly earnings, with 81.2% surpassing expectations, compared with a long-term average of 67%, according to LSEG data earlier this week.