Tech Titans Drive Market Movements Amid Mixed Earnings

The S&P 500 and Nasdaq see gains as Meta and Tesla's earnings performance drive optimism, despite Microsoft's cloud growth forecast and Cigna's profit miss dampening the mood. Health sector stocks underperform as economic growth slows and jobless claims fall, with markets reacting to economic inputs and AI competition.

The S&P 500 and Nasdaq looked set to open on a positive note Thursday, buoyed by earnings gains from Meta and Tesla. These two tech giants managed to bolster market confidence amid concerns over Microsoft's cloud forecast and Cigna's disappointing profit results.

Shares in Meta increased by 2.4% after the company surpassed fourth-quarter revenue predictions. However, Tesla captured attention with a 4.4% gain, linked to plans for affordable EV models and an impending autonomous car service trial, despite underwhelming quarterly results.

Cigna shares dropped by 10.7% due to a gloomy profit outlook, while UPS shares slid 14.6%, attributed to a bleak 2025 forecast. Meanwhile, chip firms like Lam Research capitalized on the AI boom, with significant sector gains, notably aided by Broadcom and Marvell Technology.

(With inputs from agencies.)