Dow Hit Record, S&P 500 and Nasdaq Slipped

U.S. stocks closed mostly lower on Thursday, with the S&P 500 and the Nasdaq fell and the Dow edged up to a seventh straight record high. The Dow Jones Industrial Average rose 9.86 points, or 0.04%, to 22,026.10. The S&P 500 fell 5.41 points, or 0.22%, to 2,472.16. The Nasdaq Composite slid 22.30 points, or 0.35%, to 6,340.34.

Oil settled sharply lower Thursday as downbeat sentiment drove futures into negative territory, ahead of a key OPEC meeting to discuss compliance with an agreement to curtail global output. Light, sweet crude futures for delivery in September finished the day off 56 cents, or 1.1%, at $49.03 a barrel. October Brent crude lost 35 cents, or 0.7%, to $52.01.

Viacom Inc (VIAB) reported an 8.3 percent rise in quarterly revenue as higher domestic affiliate revenue offset continued declines in U.S. advertising sales. Net profit attributable to Viacom rose to $683 million, or $1.70 per share, in the third quarter ended June 30 from $432 million, or $1.09 per share, a year earlier. Viacom’s domestic affiliate revenue, rose 4 percent to $1.01 billion.

Kraft Heinz Co reported a 50.5 percent rise in quarterly profit on Thursday, as the company managed to wring out more costs and demand rose for its sauces and condiment products. The company reported net income of $1.16 billion, or 94 cents per share, in the second quarter ended July 1, from $770 million, or 63 cents per share, a year earlier. Net sales fell 1.7 percent to $6.68 billion.

Shake Shack reported its second-quarter earnings rose to $4.9 million, or 19 cents a share, from $3.3 million, or 14 cents a share, a year ago. Revenue grew 37% to $91.3 million. The burger chain sees 2017 revenue in a range of $351 million to $355 million, falling short of Wall Street’s $356.7 million estimate.