Stock market today: Wall Street hangs around its record highs as earnings reports come in mixed

NEW YORK — U.S. stocks are hanging around their records after Netflix jumped and CVS Health slid amid mixed reports on profits. The S&P 500 was up 0.2% in early trading Friday and flirting with its all-time high set early this week. The Dow Jones Industrial Average was down 76 points, or 0.2%, a day after setting its own record. The Nasdaq composite was up 0.5%. Netflix rose 8.7% after reporting stronger profit than analysts expected. That helped offset a 7.

CVS cut its financial expectations for the third time in August with all major pharmacy chains attempting to navigate a drastically changed landscape, facing competition online and elsewhere. More strong economic data from the U.S. this week has boosted hopes that the economy could make a perfect escape from the worst inflation in generations, one that ends without a recession that many investors had seen as nearly inevitable. And with the Federal Reserve now cutting interest rates to keep the economy humming, the expectation among optimists is that stocks can rise even further.

The Chinese economy slowed further in the last quarter, data released Friday showed. That spurred expectations the government will ramp up its latest stimulus efforts. The loans, which can be made only by 21 designated financial institutions, will have a maximum interest rate of 2.25%, the People’s Bank of China said in a statement that underscored plans for strict oversight of the effort to support the markets.

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