Stock market today: Wall Street holds steady near record highs
Stocks held near their record levels after a quiet day of trading
NEW YORK — U.S. stocks held near their record levels on Tuesday after a quiet day of trading.
The S&P 500 added 8.65 points, or 0.2%, to 5,078.18 and is just off its all-time high set last week. The Dow Jones Industrial Average dipped 96.82, or 0.2%, to 38,972.41, and the Nasdaq composite rose 59.05, or 0.4%, to 16,035.30.
Macy’s climbed 3.4% after reporting better results for the latest quarter than feared. It also announced a sweeping reorganization as it tries to kickstart growth in revenue. It will close about 150 stores and focus on opening new Bloomingdale’s and Bluemercury locations.
Norwegian Cruise Line Holdings steamed 19.8% higher for the biggest gain in the S&P 500 after saying it’s seeing healthy demand from customers. It also gave a forecast for earnings this upcoming year that was bigger than analysts’ own.
AutoZone revved 6.7% higher after reporting a stronger profit than expected. Much of its growth last quarter came from its stores in Mexico and Brazil.
Zoom Video Communications climbed after topping analysts’ forecasts for profit last quarter. It rose 8% to $68.17, though it’s still well below its peak above $560 during the height of the pandemic. It also announced a program to buy back up to $1.5 billion of its stock, which would send cash directly to shareholders.
Those winners helped offset a 1.5% drop for Chevron, which warned that its pending takeover of Hess may be under threat. The energy companies are in discussions with Exxon Mobil and China National Offshore Oil Corp. about a joint operating agreement for a project off Guyana’s shore. If they can’t come to an acceptable resolution, Chevron said in a filing with U.S. securities
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