S&P 500 briefly touches the 5,000-mark. Here are the details

In a day marked by fluctuations, the S&P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts.

This is based on a Reuters report.

Despite the market's initial excitement, the benchmark managed only a modest gain, highlighting the nuanced dynamics at play in the financial landscape.

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Beneath the surface, small-cap indexes demonstrated resilience, outperforming their larger counterparts.

Semiconductor stocks, notably ARM Holdings, experienced a surge of 47.9 per cent after forecasting robust demand for artificial intelligence-related designs.

Reflecting this positive trend, Keith Lerner, co-chief investment officer at Truist Advisory Services, noted a "risk-on appetite" and the ongoing leadership shown by the semiconductor sector.

Walt Disney shares rose by 11.5 per cent, propelled by a profit that surpassed Wall Street estimates.

The media giant also unveiled a comprehensive plan, including a $3 billion share repurchase initiative, a 50 per cent dividend increase, a gaming investment, and plans for an ESPN streaming service in 2025.

Similarly, Spirit Airlines reported a narrower-than-expected loss, leading to a 3.3 per cent increase in its shares, with expectations of positive cash flow from the second quarter onwards.

As more than half of S&P 500 companies disclosed their quarterly earnings, an impressive 80.6 per cent exceeded expectations, surpassing the long-term average of 67 per cent.

The economic data front revealed a slightly better-than-expected decrease in new claims for unemployment benefits, indicating underlying strength in the labour market.

The S&P 500, while closing just below the 5,000 mark, achieved a record high for the second consecutive day, underscoring investor optimism.

Despite uncertainties surrounding interest rate cuts and concerns about regional bank stability, the index gained 2.85 points, or 0.06 per cent, to reach 4,997.91.

The Dow Jones Industrial Average rose by 0.13 per cent, and the Nasdaq Composite posted a gain of 0.24 per cent.

Leading the major-sector gains, the energy sector rose by 1.1 per cent in response to an increase in crude prices.

Notably, the Russell 2000 small-cap index outperformed, closing up 1.5 per cent, while the Philadelphia semiconductor index ended 1.6 per cent higher, positioning itself as a significant beneficiary of artificial intelligence technology.

However, amid the positive momentum, shares of New York Community Bancorp declined by 6.5 per cent following earlier gains.

This shift came after the lender's appointment of a new executive chairman and considerations to reduce exposure to the troubled commercial real estate segment.

Meanwhile, PayPal shares saw an 11.2 per cent decline after forecasting flat growth in adjusted profit for the current year, impacting the S&P 500 financial sector.

Market dynamics also witnessed notable movements in individual stocks, with Ralph Lauren's stock rallying by 16.8 per cent post a third-quarter revenue beat.

Apparel maker Under Armour closed up 0.1 per cent, buoyed by an increased annual profit forecast.

In the broader market context, advancing issues outnumbered decliners on both the NYSE and Nasdaq, highlighting a generally positive sentiment.

The S&P 500 recorded 56 new 52-week highs and 7 new lows, while the Nasdaq posted 249 new highs and 109 new lows, providing a comprehensive snapshot of the day's market activity.

(With inputs from Reuters)