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Nasdaq rose in an intra-session uptick but fell late afternoon to pare 2% gains and close around 1.3% lower.
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Dow closed over 300 points lower as it stayed in the red for the fourth day this week.
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Netflix earnings are also out, shares decline by 1.5% pre-announcement.
US stocks traded lower towards the session close to end Thursday in the red and see the Nasdaq close lower again.
The tech-heavy index closed 1.3% down, declining sharply towards the bell to erase gains made earlier when it jumped over 2%. The upside followed a general positivity in the market as several companies announced fourth-quarter earnings results.
The upbeat mood however failed to see the S&P 500 and Dow Jones Industrial Average also fail to hold onto gains, with investor confidence waning quickly in late afternoon trading.
The Dow Jones fell 0.9% to close more than 300 points down and see losses for the fourth day this week. Meanwhile, the S&P 500 also pared early gains to close 1.1% down.
Netflix shares fall 1.5%
Netflix Inc. shares dropped 1.5% on Thursday ahead of the company’s earnings that came after the closing bell. The stock closed at $508.25 having touched lows of $506.93 and $526.64. Netflix is down over 5% this week and almost 15% year-to-date.
The streaming service reported its earnings per share (EPS) at $1.33, better than expected estimates of $0.82. Revenue came in at $7.71 billion to confirm analyst forecasts, while paid net subscribers across the globe doubled from Q3 at 8.19 million against 4.4 million.
American Airlines share slips 3%
American Airlines Group Inc also released its earnings results that showed the airline lost $931 million in Q4. But despite the loss, the report had a per-share loss at $1.42 against analyst estimates of $1.46 on revenues of $9.43 billion and $9.344 billion respectively.
Commenting on the stock’s performance in the face of the Covid-19 pandemic and the slow return to normalcy, the American Airlines CEO Doug Parker noted:
“Our planes are reasonably full but they’re largely so due to leisure travelers. Business demand has not rebounded nearly as much.”
However, he added that things might begin to look up for the company “when businesses return to their prior travel patterns.” In this case, he believes the company’s share prices will go up.
The AAL stock price fell 3.2% on Thursday.
Across the markets
The 10-year Treasury yield also fell, hitting 1.85% as it eased from Wednesday’s peak of 1.9%.
Elsewhere, oil and gold prices also declined slightly, while the dollar index firmed against a basket of the six major currencies. The greenback’s strength against the euro and sterling saw it rise 0.34% to 95.83.
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