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Investing.com — U.S. stock markets opened mostly lower on Thursday, unimpressed by another week of initial jobless claims under 300,000 and undecided over the quality of the earnings being reported by the country’s blue-chip stocks.
Tesla (NASDAQ:TSLA), medical device group Danaher (NYSE:DHR) and railroad operator Union Pacific (NYSE:UNP) all fell despite reporting earnings that were, at first glance at least, better than street forecasts, while PayPal (NASDAQ:PYPL) continued to suffer from concerns about its mooted merger with Pinterest (NYSE:PINS), and IBM (NYSE:IBM) stock slumped after reporting another underwhelming quarter.
By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 99 points, or 0.3%, while the S&P 500 was down 0.2% and the NASDAQ Composite was up 0.1%.
Tesla stock quickly reversed, however, as the market quickly digested any caution implicit in the company’s guidance, which contrasted with the strong figures reported. Goldman Sachs (NYSE:GS), Credit Suisse (SIX:CSGN) and RBC all raised their price targets on the stock after an analyst call from which CEO Elon Musk was absent.
The most eye-catching gainer in early trading was Digital World Acquisition (NASDAQ:DWAC), which rose 39% after former President Donald Trump announced he would merge his new social media platform, TRUTH Social, with the recently-listed SPAC.
