The S&P 500 extended its winning streak to a seventh day Thursday, as revved up shares of Tesla gave it and the Nasdaq a lift.
Tesla shares rose more than 3%. The world’s most valuable automaker posted record deliveries as well as record revenue for a fifth straight quarter.
But IBM’s sharp drop on disappointing revenue dragged the Dow down to end just below where it began the day. The S&P 500 gained nearly a third of a percent. And the Nasdaq rose six tenth of a percent.
But the S&P’s 7-day winning streak is giving some market watchers pause. Thomson Reuters Stocks Buzz Analyst Terence Gabriel notes the markets fell significantly after a similar streak ended in August 2020.
“Streaks are good while they last, but they also sort of suggest that the market maybe sort of stretched and overheating shorter term.”
Shares of SoftBank-owned WeWork jumped over 13% on their debut Thursday. It capped a long-delayed journey to the public markets for the money-losing office-sharing company that was once valued as high as $47 billion. The markets valued it at just over $9 billion Thursday.
And HP gained nearly 7%. Analysts hiked their price targets on the printer maker’s stock after the company’s adjusted profit breezed past estimates. HP also hiked its annual dividend.