US stocks edge higher as ECB keeps rates steady

NEW YORK, NEW YORK – JUNE 18: Traders work on the floor of the New York Stock Exchange (NYSE) on June 18, 2024 in New York City. After the S&P 500 and Nasdaq closed at record highs Monday, U.S. stocks were up in early trading Tuesday. Spencer Platt/Getty Images/AFP (Photo by SPENCER PLATT / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

New York, United States  — The Nasdaq climbed early Thursday following deep losses in the previous session as markets digested the latest ECB decision and awaited earnings from Netflix.

After slumping nearly three percent on Wednesday, the Nasdaq was back in positive territory in a move analysts viewed as evidence of continued enthusiasm for Nvidia and other artificial intelligence stocks.

About 15 minutes into trading, the tech-focused Nasdaq Composite Index was up 0.1 percent at 18,017.56.

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The Dow Jones Industrial Average, which closed at a record Wednesday, also edged up 0.1 percent to 41,232.08, along with the broad-based S&P 500, which stood at 5,595.45.

The European Central Bank held borrowing costs steady, giving policymakers more time to assess progress on inflation after last month’s first interest rate cut in five years.

Meanwhile, United Airlines dipped 0.4 percent after reporting higher profits in the second quarter but cautioning that it would trim back capacity later in 2024 due to excess flights in the US market.

Netflix rose 0.8 percent ahead of its earnings after the market closes Thursday. The streaming company is the first of the tech giants to report second-quarter results.