The Dow is falling on Thursday as shares of IBM, UnitedHealth and Honeywell weigh on the blue-chip gauge, while S&P 500, Nasdaq head toward fresh record closing highs.

Small caps cooled down after recent hot gains, leading the Russell 2000 down 0.7%. Trading near 2,270, the Russell remains up 1.3% for the week. On the Nasdaq, losers led winners by a 5-to-3 margin. The New York Stock Exchanged chalked up 1,756 stocks down and 1,043 issues up.

The Dow, S&P 500, and Nasdaq are mixed Thursday as the stock market reacts to earnings from IBM, Tesla, and Alphabet.

Investors held onto hopes that the U.S. and Japan’s trade agreement could lead to a tariff breakthrough with other countries, and pushed the S&P 500 and Nasdaq Composite to fresh record highs.

US stocks climbed on Wednesday after the US struck a trade deal with Japan, lifting hopes for further tariff pacts as Wall Street prepared for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings after the bell.

Major stock indexes were mixed in late trading Thursday as investors reacted to a flurry of earnings reports from major companies, notably tech giants Tesla and Alphabet, and awaited new developments related to tariffs.

A messy session for the stock market on Thursday ended with closing highs for the S&P 500 and Nasdaq. The Dow Jones Industrial Average wasn’t so lucky. The Dow fell 312 points, or 0.7%. The S&P 500 rose 0.

The successor to the first stock market index is getting up there with the S&P 500 and the Nasdaq Composite in all-time-high territory.

This might be the day Wall Street's left-behind stocks finally have their moment. Roughly 300 of the S&P 500's 503 stocks were trading higher on Wednesday morning, with the S&P 500 Equal Weighted Index surging 1.