Tesla surge lifts Nasdaq; Dow, S&P 500 falter on earnings, rising yields
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Tesla jumps after strong sales forecast
UPS advances following quarterly profit beat
Boeing down after workers reject latest contract
Weekly jobless claims lower than forecasts
Indexes: Dow down 0.55%, S&P 500 down 0.01%, Nasdaq up 0.37%
Updated at 11:55 a.m. ET/1555 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 24 (Reuters) - The Nasdaq jumped on Thursday, driven by Tesla's positive earnings forecast, which buoyed market sentiment despite declines from other corporate results and pressure from rising Treasury yields.
Shares of the company soared 19%, with the EV-maker set to add more than $100 billion to its market capitalization, after itreported robust third-quarter profits and surprised investors with a prediction of 20% to30% sales growthnext year.
This helped take the Consumer Discretionary .SPLRCD sector 2.7% higher.
"Musk said a lot of things investors wanted to hear - growth rates at double what the Street had, Robotaxi timelines that were a bit ahead of expectations. It puts confidence back in the stock," said Dennis Dick, trader at Triple D Trading, who holds Tesla shares.
However, sentiment was shaky elsewhere. The S&P 500 pared gains, with nine of its sectors in the red, as other earnings reports and continued pressure from rising Treasury yields weighed.
The yield on the benchmark 10-year Treasury note US10YT=RR eased slightly on the day, but was still trading around its highest since late July. It went as high as 4.26% in Wednesday's session, which saw all three major equity indexes lose ground.
Other megacap growth stocks reversed early gains, with Nvidia NVDA.O down 0.2% and Apple AAPL.O losing 0.5%.
IBM IBM.N lost 6.5% after missing third-quarter revenue estimates, while Honeywell's HON.O 4.3% decline after it forecast annualsales below estimates also weighed on the blue-chip Dow.
The Dow Jones Industrial Average .DJI fell 234.37 points, or 0.55%, to 42,280.58, the S&P 500 .SPX lost 0.33 points, or 0.01%, to 5,797.09 and the Nasdaq Composite .IXIC gained 67.23 points, or 0.37%, to 18,343.89.
Materials .SPLRCM dropped 1.4%, dragged down by Newmont NEM.N as higher costs and weaker Nevada output saw it miss profit estimates.
Boeing BA.N also lost 2% after factory workers voted on Wednesday to reject a contract offer and continue a more than five-week-long strike.
Stocks have eased from record levels over the past few sessions due to a reassessment of bets on the Federal Reserve's rate cuts, rising Treasury yields, corporate earnings and uncertainty surrounding the upcoming U.S. election.
The pullback, however, was to be expected, Dick said. "The story is still in tech and (artificial intelligence), and that story is not going away, I would still say dips in tech need to be bought."
Southwest Airlines LUV.N lost 3.6% after earnings and after the company reached an agreement with activist investor Elliott Investment Management.
On a brighter note, UPS UPS.N added 5.2% after the parcel service provider reported a rise in third-quarter profit , on rebounding volumes and cost cuts.
Of the 159 companies in the S&P 500 that have reported results this earnings season, 78.6% have beaten analyst expectations, according to data compiled by LSEG.
On the economic front, S&P Global's flash PMI data showed U.S. business activity increased in October, amid strong demand. Weekly jobless claims also fell unexpectedly for the week ended Oct. 19.
Declining issues outnumbered advancers by a 1.04-to-1 ratio on the NYSE, and by a 1.19-to-1 ratio on the Nasdaq.
The S&P 500 posted 39 new 52-week highs and three new lows, while the Nasdaq Composite recorded 57 new highs and 64 new lows.
Tesla's valuation trumps tech giants, automakers https://reut.rs/4heiKrj
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Saumyadeb Chakrabarty and Pooja Desai
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