S&P 500 Fluctuates as Traders Weigh Earnings From Delta, PepsiCo

US stocks flipped between small gains and losses early Thursday but continue to hover near all-time highs as traders parsed a batch of earnings reports, mainly from Delta Air Lines and PepsiCo Inc., to gauge the health of corporate profits.

The S&P 500 Index was down just 0.1% as of 9:44 a.m. in New York, after notching its 33rd record of 2025 a day earlier. The Nasdaq 100 Index fell 0.3%. Tesla Inc. fell 1.5% as US auto safety regulators launched a safety probe into incidents related to its partial-automation software. Nvidia Corp. rose 1.3% after Cantor Fitzgerald raised its price target to a Wall Street high.