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US Stocks Hold Steady After Hitting Fresh Record Highs

On Thursday, US stocks remained steady, taking a break after achieving new record highs in the previous session. Investors were optimistic about the outlook for chipmaker Arm and were looking for new momentum in the latest round of corporate results. The S&P 500 (^GSPC) was around the flatline, following a session where it almost reached the 5,000 mark for the first time ever. The Dow Jones Industrial Average (^DJI) initially opened slightly higher but later decreased about 0.3%, while the Nasdaq (^IXIC) rose 0.3%.

Stocks had been on a rally due to strong economic data and positive earnings reports, driving the S&P 500 close to the significant psychological level. However, concerns arose about the sustainability of these gains due to the small group of megacaps propelling them. Arm’s shares surged over 55% following a strong sales outlook, boosting confidence that AI and tech would continue to drive market growth. Disney shares also rose over 11% after the company reported positive earnings and new deals.

In the meantime, some caution was seen from central bank officials, leading to reduced wagers on a March interest rate cut. Additionally, there were worries in China about deflation, and Maersk’s warning about a freight slowdown unsettled investors.

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