Traders
work
the
floor
during
morning
trading
at
the
New
York
Stock
exchange
(NYSE)
ahead
of
the
US
Federal
Reserve’s
decision
on
lending
rates,
in
New
York
on
January
31,
2024.
Angela
Weiss
|
Afp
|
Getty
Images
Stock
futures
edged
lower
Thursday
evening
after
the
S&P
500
crossed
the
historic
5,000
milestone
for
the
first
time
during
intraday
trading.
Futures
on
the
Dow
Jones
Industrial
Average
dipped
39
points,
or
0.1%.
S&P
500
futures
slipped
nearly
0.1%,
and
Nasdaq
100
futures
flickered
at
the
flat
line.
The
large-cap
benchmark
reached
a
high
of
5,000.40
during
Thursday’s
regular
trading
before
closing
less
than
3
points
below
the
key
5,000
threshold.
The
S&P
500
first
crossed
4,000
on
April
1,
2021,
so
it
took
almost
three
years
to
add
the
last
1,000
points.
A
solid
earnings
season,
easing
inflation
data
and
a
resilient
economy
have
powered
the
market
rally
into
2024,
with
the
S&P
500
up
4.8%
on
the
year.
“On
the
surface,
there
is
no
difference
between
5,000
and
4,999,
but
these
big
round
numbers
do
hold
psychological
significance
for
investors,”
said
Ryan
Detrick,
chief
market
strategist
at
Carson
Group. “As
we’ve
seen
throughout
history,
those
that
are
willing
to
hold
during
the
rough
times
are
usually
rewarded
in
the
end,
this
time
was
no
different.”
S&P
500
The
equity
benchmark
is
up
0.8%
this
week,
on
track
to
post
its
fifth
straight
weekly
gain.
The
blue-chip
Dow
and
the
Nasdaq
Composite
have
gained
0.2%
and
1.1%
this
week,
respectively,
also
headed
for
a
five-week
win
streak.
A
total
of
319
companies
in
the
S&P
500
have
reported
quarterly
earnings
so
far,
and
80.6%
of
them
reported
above
analyst
expectations,
according
to
LSEG.
That
compares
to
a
67%
beat
rate
in
a
typical
quarter
since
1994.
Pinterest shares
dropped
9%
in
extended
trading
after
the
image-sharing
company issued
a
weaker-than-expected
forecast
and
also missed
revenue
estimates
for
the
latest
quarter.
The
stock
pared
losses
after
the
CEO
announced
an
app
deal
with
Google.
Pepsi
is
set
to
report
earnings
before
the
bell
Friday.
