US stocks today: Wall Street inches up near peak levels; mixed earnings cap upside

US stocks edged higher on Thursday, hovering close to record levels, as investors assessed mixed corporate earnings and fresh labour market signals.

The S&P 500 rose 0.3% in early trade and remained just below its all-time high set late last month. The Dow Jones Industrial Average gained 179 points, while the Nasdaq Composite also climbed 0.3%.

According to AP, gains came despite uneven earnings outcomes across large companies, with McDonald’s shares rising after reporting stronger-than-expected quarterly profit, while AppLovin and Cisco Systems declined following their results.

Treasury yields edged lower after data showed slightly more workers filed for unemployment benefits last week than forecast, signalling some cooling in labour market conditions.

Earlier, Wall Street futures had pointed to gains ahead of the opening bell as markets digested corporate earnings and awaited fresh labour market data. Futures tied to the S&P 500, Dow Jones Industrial Average and Nasdaq were each up about 0.3%.

McDonald’s shares moved higher after the fast-food chain beat fourth-quarter revenue and profit projections, helped by the re-launch of its Extra Value Meal. In contrast, pest control firm Rollins slumped 13% after missing Wall Street’s fourth-quarter sales and profit estimates.

Investors are closely watching labour market signals after the US Labor Department said employers added 130,000 jobs in January, exceeding economists’ expectations.

The strong payroll data “strengthens the case for higher US Treasury yields and a rebound in the dollar over the coming months,” Jonas Goltermann, deputy chief markets economist at Capital Economics, said in a note, as quoted AP. He added that stabilising labour conditions suggest the chances of another Federal Reserve rate cut in the near term are “quite low”.

Markets are also tracking upcoming US existing home sales data for further economic cues.

In Europe, Britain’s FTSE rose 0.2% by midday, Germany’s DAX advanced 1.3%, and France’s CAC 40 gained 0.9%.

In Asia, Japan’s Nikkei 225 briefly crossed the 58,000 level before closing slightly lower at 57,639.84 after trading resumed post-holiday. Japanese equities have rallied following Prime Minister Sanae Takaichi’s landslide parliamentary election victory, raising expectations of stronger economic stimulus.

South Korea’s Kospi crossed the 5,500 mark for the first time, rising 3.1% to 5,522.27, led by technology stocks. Samsung Electronics jumped 6.4%, while chipmaker SK Hynix gained 3.3%.

Hong Kong’s Hang Seng fell 0.9% to 27,032.54, while China’s Shanghai Composite edged marginally higher. Australia’s S&P/ASX 200 rose 0.3%.

In commodities, US benchmark crude slipped 25 cents to $64.38 per barrel, while Brent crude fell 37 cents to $69.03. Gold eased less than 1%, while silver declined 1.5%.