Dow, S&P 500 finish in record territory for third straight day

Walt Disney Co. will report quarterly results after closing bell

U.S. stock indexes rallied to record highs Thursday as investors shrugged off the biggest annual increase for producer prices on record. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31253.13 -236.94 -0.75%
SP500 S&P 500 3900.79 -22.89 -0.58%
I:COMP NASDAQ COMPOSITE INDEX 11388.495467 -29.66 -0.26%

The Dow Jones Industrial Average edged up 14 points, or 0.04%, while the S&P 500 index and the Nasdaq Composite index added 0.29% and 0.35%, respectively. Both the Dow and S&P 500 closed in record territory for a third straight day. The Nasdaq ended less than 80 points below its own peak.  

Thursday's gains came despite the producer price index for July increasing at a 7.8% annual pace, the fastest since recordkeeping began in November 2010. Prices were up 1% month over month, matching the increase in June.

Elsewhere in the economy, initial jobless claims last week fell to 375,000, matching estimates. Continuing claims, meanwhile, slid to a pandemic-era low of 2.866 million. 

In stocks, Caterpillar Inc. and Nucor Corp. remained in focus after the Senate earlier this week passed the $1 trillion infrastructure bill that would provide funding for roads, bridges, and other things. 

Ticker Security Last Change Change %
CAT CATERPILLAR INC. 206.55 -1.66 -0.80%
NUE NUCOR CORP. 120.71 +1.53 +1.28%

Drugmakers Pfizer Inc., Moderna Inc., Johnson & Johnson, and BioNTech SE were in focus after The Wall Street Journal reported the U.S. Food and Drug Administration was considering authorization of a COVID-19 booster shot for people with weakened immune systems. 

Ticker Security Last Change Change %
PFE PFIZER INC. 50.65 +0.25 +0.50%
MRNA MODERNA INC. 143.38 +5.67 +4.12%
JNJ JOHNSON & JOHNSON 173.94 -1.56 -0.89%
BNTX BIONTECH SE 167.87 +10.81 +6.88%

EBay Inc. reported mixed quarterly results as a reopening of brick-and-mortar stores contributed to a 2% year-over-year decline in the number of active buyers on its platform. The e-commerce marketplace forecast current-quarter revenue below analyst expectations.  

Ticker Security Last Change Change %
EBAY EBAY INC. 44.62 -0.32 -0.71%
BMBL BUMBLE INC. 28.32 +1.82 +6.87%
PLTR PALANTIR TECHNOLOGIES INC. 8.31 +0.30 +3.75%

Bumble Inc. missed on earnings, but beat on revenue. The dating app maker forecast current-quarter revenue above expectations. 

Big data provider Palantir Technologies Inc. topped sales estimates as revenue surged 49% year over year. Adjusted earnings matched Wall Street estimates.  

Walt Disney Co. and Airbnb Inc. are among the companies set to report their quarterly results after Thursday’s closing bell.

Ticker Security Last Change Change %
DIS THE WALT DISNEY CO. 103.14 -1.16 -1.11%
ABNB AIRBNB INC. 114.17 +6.14 +5.68%

In commodities, West Texas Intermediate crude oil slipped 16 cents to $69.09 a barrel and gold slumped $1.40 to $1,749 an ounce.

Overseas markets were mixed. 

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In Europe, Britain’s FTSE 100 declined 0.37% while France’s CAC 40 and Germany’s DAX 30 climbed 0.36% and 0.7%, respectively. 

Asian markets finished lower across the board with Japan’s Nikkei 225 slipping 0.2%, China’s Shanghai Composite sliding 0.22% and Hong Kong’s Hang Seng index falling 0.53%.