Wall Street Today | Arm Hands AI Win to Investors, S&P Winks Over 5k

The $S&P 500 Index (.SPX.US)$ passed the 5,000-point mark briefly Thursday. The leading index hit a symbolic all-time high during a multi-month bull run for AI, proven by Arm earnings -- which sent the stock rocketing more than 60% intraday.

The S&P 500 rose to 5,000.4 shortly before the market's close, then pulled back to end the session 2.9 points higher at 4,997.91 -- still good enough for a new record finish. Meanwhile, the $Dow Jones Industrial Average (.DJI.US)$ inched up 49 points, or 0.13%, to notch its own record finish of 38,726.33. Separately, the $Nasdaq Composite Index (.IXIC.US)$ rose 37.07 points (0.24%) to end the session at 15,793.72.

Well-received results from $Disney (DIS.US)$, released after Wednesday's closing bell, helped support sentiment on Wall Street, although that positivity was somewhat counteracted by a disappointing earnings update from $PayPal (PYPL.US)$.

But perhaps more important for the S&P 500, and indeed the tech-rich Nasdaq Composite, was the 47% pop in shares of $Arm Holdings (ARM.US)$ after the chip designer delivered upbeat guidance and said it saw "increasing demand for new technology driven by all things AI."

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ rose 2.6 basis points to 4.446% from 4.420% on Wednesday. The $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$advanced 3.4 basis points to 4.142% from 4.108% on Wednesday. The $U.S. 30-Year Treasury Bonds Yield (US30Y.BD)$  climbed 4.2 basis points to 4.351% from 4.309% on Wednesday.

$Arm Holdings (ARM.US)$ soared more than 60% in early Thursday trading after the tech darling reported fiscal Q3 non-GAAP earnings late Wednesday of $0.29 per diluted share, up from $0.22 a year earlier.

$Affirm Holdings (AFRM.US)$ reported quarterly losses of $(0.54) per share which beat the analyst consensus estimate of $(0.72) by 25 percent. This is a 50.91 percent increase over losses of $(1.10) per share from last year.  The company reported quarterly sales of $591.10 million which beat the analyst consensus estimate of $520.62 million by 13.54 percent.  This is a 47.94 percent increase over sales of $399.56 million the same period last year.

$Pinterest (PINS.US)$ reported quarterly earnings of $0.53 per share which beat the analyst consensus estimate of $0.51 by 3.92 percent.  The company reported quarterly sales of $981.00 million, which missed the analyst consensus estimate of $989.53 million by 0.86 percent.

$Disney (DIS.US)$ shares soared 9.5% Thursday after the company delivered a better-than-expected quarterly earnings, painted a rosy outlook, boosted dividend and announced a plan to buy a $1.5 billion equity stake in Epic Games, the company behind the popular game Fortnite.

$PayPal (PYPL.US)$ fell some 10% in early trading Thursday on the heels of the company's fourth-quarter results.

$A.P. Moller - Maersk A/S Unsponsored ADR (AMKBY.US)$ sank nearly 20% intraday Thursday after the shipping giant suspended its share-buyback program to preserve cash amid uncertainty surrounding disruption in the Red Sea and industry overcapacity that continues to drag on freight rates.

$Ralph Lauren (RL.US)$'s international sales offset another weak performance in North America, which has driven the exit of 20 department stores in the region during the fiscal year. The luxury apparel and accessories company suffered a 15% hit to wholesale revenue in the latest quarter, in line with  expectations as it strengthened its direct-to-consumer business.