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Stock market today: Live updates

Traders work on the trading floor of the New York Stock Exchange (NYSE) on July 19, 2023 in New York City.

Brendan McDermid | Reuters

The Dow Jones Industrial Average rose for a ninth straight day on Thursday after drugmaker Johnson & Johnson reported better-than-expected earnings results. If that holds true, it would be the Dow’s best one-day winning streak since 2017.

But the broader market suffered after losses after earnings reports from trader favorites Netflix and Tesla.

30 stocks dow chemicalStocks, which are less dependent on technology stocks, rose 164 points, or 0.5%.However S&P 500 Index and Nasdaq Composite Index They fell 0.6% and 1.9%, respectively.

dow constituents Johnson & Johnson Shares rose 5.7 percent after the drugmaker raised its full-year guidance and reported quarterly results that topped Wall Street expectations.Another Dow member, the insurance company travelerrevenue in the quarter beat analysts’ expectations, boosting shares.

But earnings results were mixed, dragging down the S&P 500 and Nasdaq.shares Netflix Shares fell more than 8% after the streaming giant reported revenue that fell short of analysts’ expectations. Expectations for the report were high, and the stock is up nearly 50% this year.

teslaMeanwhile, the company’s shares fell 9% after Chief Executive Elon Musk and other executives said on an earnings call that auto production would slow in the third quarter due to improved factory shutdowns.

Of the S&P 500 companies that have reported earnings so far, 74% have beaten expectations, according to FactSet data. Strong corporate earnings have fueled optimism about a soft landing for the economy.

Stocks rallied, with the Dow posting an eight-day winning streak, its longest streak since September 2019.

“While the number of bear market prognosticators has certainly dwindled given the market’s impressive performance, there remains a segment of diehards who believe the recent trend is nothing more than a bear market rally,” BMO Capital Markets analyst Brian Belski said in a note for the firm. “Unfortunately for this group, history does not appear to be on their side.”

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