Stocks were little changed Thursday as investors weighed more earnings and fresh U.S. economic data, while the market looked to recover from a tough session.
The S&P 500 and Nasdaq Composite hovered above the flatline, while the Dow Jones Industrial Average dipped 8 points.
Ford Motor shares tumbled 13% after the company’s second-quarter earnings came in much lower than analysts expected. Chipotle, slipped 3% even after topping earnings and revenue expectations as it saw higher traffic at its restaurants. American Airlines sank 4% after cutting its guidance.
Investors also assessed a second-quarter GDP report that showed the economy grow 2.8%, and much more than expected. Economists surveyed by Dow Jones had anticipated growth of 2.1%.
Wednesday’s trading session saw intense declines for the S&P 500 and the Nasdaq Composite, driven by disappointing quarterly reports from Alphabet and Tesla. Both the broad-market index and the tech-heavy benchmark posted their worst session since 2022, while the Dow shed roughly 504 points.
Investors have come to view the recent declines as a sign of an overdue correction in an overbought market, which is now seeing a rotation away from megacap tech into small-cap stocks and more cyclical areas.
