Stock market today: Wall Street opens mixed as Big Tech steadies itself

NEW YORK — U.S. stocks are stanching the bleeding, a day after their worst losses since 2022 led to a wipeout for financial markets circling the world. The S&P 500 was flat early Thursday, as highly influential Big Tech stocks steadied themselves following a sell-off triggered by profit reports from Tesla and Alphabet that investors found underwhelming. The Dow Jones Industrial Average rose 30 points, or 0.1%, and the Nasdaq composite slipped 0.2%. A report showing growth in the U.S.

Southwest also said it was doing away with its 50-year-old practice of open seating. The airline said it would start assigning seats and selling premium seating for customers who want more legroom. Warner Bros. Discovery was reeling from the NBA's rejection of its $1.8 billion per year offer to continue its longtime relationship with the league. The NBA said it was taking Amazon's streaming deal instead, a move that would mean this coming season would end a nearly four-decade run of games being on TNT. Warner Bros. Discovery fell 4.6% in off-hours trading following Wednesday's announcement.

Global shares retreated on Thursday, with Tokyo's benchmark losing more than 1,300 points at one point and closing down more than 3%, as pessimism set in over a nose-dive on Wall Street.The recently strengthening yen, which has recovered from trading above 160 Japanese yen to the dollar earlier this month, hurts profits of Japanese exporters when they are brought back to Japan. Toyota Motor Corp. shares dropped 2.6%, while Sony Group's sank 5.4%.

“The major risk is that the BOJ might refuse to hike next week, causing the entire long yen trade to collapse. But that’s probably just a bad thought,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. South Korea’s Kospi declined 1.7% to 2,710.65 after the government reported the economy contracted at a 0.2% rate in the last quarter.

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