Stock market today: Dow sidesteps tech wreck to keep winning streak alive
Investing.com — The Dow closed higher Thursday, wrapping its ninth straight day of gains and its longest winner streak since 2017 as a climb in Johnson and Johnson and IBM offset the wreck in tech amid a selloff in Tesla and Netflix.
The Dow Jones Industrial Average rose 0.47%, or 163 points, Nasdaq was down 2.1% and the S&P 500 fell 0.7%.
International Business Machines (NYSE:IBM), a major Dow component, shrugged off the weakness in tech despite reporting mixed second-quarter results as revenue fell short of Wall Street estimates.
Johnson & Johnson (NYSE:JNJ) rallied 6% after the consumer products company lifted its annual guidance earnings guidance following better-than-expected quarterly results, driven by a surge in its med tech business.
Tesla Inc (NASDAQ:TSLA) reported second-quarter results that beat Wall Street estimates, but fears of falling margins were renewed after Chief Executive Elon Musk said the electric vehicle maker would be willing to cut prices again should the economic backdrop deteriorate.
Still, the quarterly results from Tesla were a step in the «right direction,» Wedbush says, touting optimism over the EV maker's plan to licence its full self-driving software to other automakers.
«We view Tesla where Apple (NASDAQ:AAPL) was in the 2008/2009 period as Cupertino was just starting to monetize its services and golden ecosystem with the Street not seeing the broader golden vision at the time,» Wedbush said in a note as it lifted its price target on the stock to $350 from $300.
Netflix Inc (NASDAQ:NFLX) fell more than 8% as the streaming giant reported a second-quarter revenue miss, though it added more subscribers than expected in the quarter.
The company's slow rollout of paid sharing, which
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