The S&P 500 closed lower on Thursday following weak earnings results from companies, including Tesla Inc TSLA and AT&T Inc. T .
Tesla shares dropped around 9.8% on Thursday after the company reported a decrease in operating margins. Elon Musk said Tesla has the potential to price its vehicles at zero profit.
AT&T shares tumbled over 10% after the company reported mixed Q1 financial results. American Express Co AXP also posted downbeat quarterly earnings.
As far as the earnings season is concerned, 16% of the S&P 500 companies have released quarterly results so far, with around 76% of those exceeding market estimates.
On the economic data front, U.S. initial jobless claims increased by 5 thousand to 245 thousand in the week ended April 15, above market estimates of 240 thousand.
Majority of the sectors on the S&P 500 closed on a negative note, with consumer discretionary and real estate stocks recording the biggest losses on Thursday. However, consumer staples stocks closed slightly higher during the session.
The Nasdaq 100 fell 0.78% to close at 12,985.98 on Thursday, amid a decline in shares of Tesla Inc TSLA and NVIDIA Corporation NVDA .
The S&P 500 dropped 0.60%, while the Dow Jones lost 0.33% to 33,786.62 in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 4.3% to close at 17.17 on Thursday, after dropping to its lowest level since Nov. 2021 on Wednesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
Read Next: Wall Street's Most Accurate Analysts Say Buy These 3 Tech And Telecom Stocks Delivering High-Dividend Yields
Nominees and celebrity guests hit the red carpet in style at this year’s Grammy Awards.
With a focus on supporting relief efforts following the devastating Los Angeles-area wildfires the tone was a little more muted, but the fashion as exciting as ever.
Here are some of the looks from the Grammys red carpet.
Sir Keir Starmer will urge European countries to commit more in defence spending as he heads to Brussels for security talks.
The prime minister will call on Europe to “step up and shoulder more of the burden” to fend off the threat posed by Vladimir Putin’s Russia.
Sir Keir, the first prime minister to meet all the leaders of the 27 EU nations in Brussels since Brexit, will argue the bloc needs to capitalise on the weak state of the Russian economy by continuing with its sanctions regime.
The prime minister will meet NATO Secretary General Mark Rutte on Monday afternoon before travelling to meet with the leaders of the 27 EU member states at an informal meeting of the European Council.
Sir Keir is expected to say: “We need to see all allies stepping up – particularly in Europe.
“President Trump has threatened more sanctions on Russia and it’s clear that’s got Putin rattled. We know that he’s worried about the state of the Russian economy.
“I’m here to work with our European partners on keeping up the pressure, targeting the energy revenues and the companies supplying his missile factories to crush Putin’s war machine.
“Because ultimately, alongside our military support, that is what will bring peace closer.”
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The UK says it currently spends around 2.3% of GDP [gross domestic product] on defence.
Last year EU member states spent an average of 1.9% of EU GDP on defence, according to the European Defence Agency, a 30% increase compared with 2021.
Earlier this week European Council President Antonio Costa said the 23 EU members who belong to NATO are likely to agree to raise the defence spending target above the current 2% of national output at the next NATO summit in June.
However, Donald Trump has repeatedly criticised NATO – the military alliance consisting of 30 European countries and the US and Canada – arguing that his country is contributing too much to the alliance’s budget while Europeans contribute too little.
During the US election campaign, President Trump said America would only help defend NATO members from a future attack by Russia if they met their spending obligations.
The session of the Informal European Council comes as the government seeks to reset its relationship with the EU and boost areas of cooperation, including on defence and tackling illegal migration.
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1:03
Starmer hosts German chancellor
On Sunday the prime minister hosted German Chancellor Olaf Scholz at his country residence Chequers, where the two leaders agreed on the “importance of scaling up and coordinating defence production across Europe”, Downing Street said.
However, the government has repeatedly said that a closer relationship with the EU will only be sought within its red lines – meaning there will be no return to freedom of movement and rejoining the customs union or single market.
Sir Keir Starmer will urge European countries to commit more in defence spending as he heads to Brussels for security talks.
The prime minister will call on Europe to “step up and shoulder more of the burden” to fend off the threat posed by Vladimir Putin’s Russia.
Sir Keir, the first prime minister to meet all the leaders of the 27 EU nations in Brussels since Brexit, will argue the bloc needs to capitalise on the weak state of the Russian economy by continuing with its sanctions regime.
The prime minister will meet NATO Secretary General Mark Rutte on Monday afternoon before travelling to meet with the leaders of the 27 EU member states at an informal meeting of the European Council.
Sir Keir is expected to say: “We need to see all allies stepping up – particularly in Europe.
“President Trump has threatened more sanctions on Russia and it’s clear that’s got Putin rattled. We know that he’s worried about the state of the Russian economy.
“I’m here to work with our European partners on keeping up the pressure, targeting the energy revenues and the companies supplying his missile factories to crush Putin’s war machine.
“Because ultimately, alongside our military support, that is what will bring peace closer.”
Please use Chrome browser for a more accessible video player
The UK says it currently spends around 2.3% of GDP [gross domestic product] on defence.
Last year EU member states spent an average of 1.9% of EU GDP on defence, according to the European Defence Agency, a 30% increase compared with 2021.
Earlier this week European Council President Antonio Costa said the 23 EU members who belong to NATO are likely to agree to raise the defence spending target above the current 2% of national output at the next NATO summit in June.
However, Donald Trump has repeatedly criticised NATO – the military alliance consisting of 30 European countries and the US and Canada – arguing that his country is contributing too much to the alliance’s budget while Europeans contribute too little.
During the US election campaign, President Trump said America would only help defend NATO members from a future attack by Russia if they met their spending obligations.
The session of the Informal European Council comes as the government seeks to reset its relationship with the EU and boost areas of cooperation, including on defence and tackling illegal migration.
Please use Chrome browser for a more accessible video player
1:03
Starmer hosts German chancellor
On Sunday the prime minister hosted German Chancellor Olaf Scholz at his country residence Chequers, where the two leaders agreed on the “importance of scaling up and coordinating defence production across Europe”, Downing Street said.
However, the government has repeatedly said that a closer relationship with the EU will only be sought within its red lines – meaning there will be no return to freedom of movement and rejoining the customs union or single market.