Quick overview

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The S&P 500 and Nasdaq both notched fresh record highs on Thursday, lifted by strong earnings from Alphabet, while Tesla’s disappointing results weighed on broader gains. Eight of the S&P 500’s 11 major sectors ended the session in the red.

Wall Street’s three main indexes closed mixed. The Dow Jones Industrial Average, composed of 30 blue-chip stocks, fell 0.70% to 44,693.91 points. The S&P 500, tracking the largest U.S. companies, edged up 0.07% to 6,363.35 points. Meanwhile, the tech-heavy Nasdaq Composite gained 0.18% to close at 21,057.96.

Both the S&P 500 and Nasdaq reached new all-time highs, buoyed by a 1.02% gain in Alphabet shares following better-than-expected second-quarter earnings. The Google parent company posted strong ad revenue and continued momentum in its cloud services segment.

Tesla shares, however, plunged 8.20%, limiting the broader market’s advance. The electric vehicle maker reported its sharpest revenue drop in over a decade, overshadowing news of a major expansion in its U.S. robotaxi initiative.

Within the S&P 500, consumer discretionary stocks led the losses, with eight of the 11 sectors closing in negative territory. On the Dow, most components retreated, with IBM sinking 7.61% after its quarterly results fell short of expectations.

Intel Earnings: Revenue Beat, But Profit Misses

Chipmaker Intel released upbeat revenue guidance for the current quarter after surpassing second-quarter revenue expectations. However, the company posted an unexpected adjusted loss, citing impairments and a scale-back of chip plant construction.

Intel (NASDAQ: INTC) dipped slightly in after-hours trading.

For the quarter ending June 28, Intel reported an adjusted loss of $0.10 per diluted share on revenue of $12.86 billion. Analysts surveyed had expected a profit of $0.01 per share on $11.95 billion in revenue.

The surprise loss was driven by a $0.20 per share impact tied to $800 million in impairment charges and $200 million in one-time costs.