Stock market live Thursday: Dow hits record, Twitter soars, Tesla recovers

This is a live blog. Check back for updates.

The Dow climbed about 89 points to finish the session, rising for a fourth straight day and hitting a record close. The gains on Thursday brought the 30-stock index's week-to-date rise to about 1,100 points. The S&P 500 ended the day up 0.3%, also notching a record. The Nasdaq gained 0.6%, boosted by a 15% jump in Twitter shares.— Li

Stocks are losing steam as the market close approaches, on the eve of January's jobs report. "We are losing ground," said Art Cashin, director of floor operations at UBS. But he added stocks were moving lower with rates, and orders on the close were leaning positive. "My guess is it has to do with last minute rebalancing ahead of the jobs number," said Jon Hill, rate strategist at BMO. Yields at the long end of the curve have edged slightly lower. Otherwise, "it's not obvious. I haven't seen any new headlines that would affect it," said Hill. Economists expect 158,000 payrolls were added in January. — Domm

The major U.S. stock averages were on pace to post record closing highs with roughly one hour left in the trading session. The Dow is up about 82 points, or 0.3%, along with the S&P 500 and Nasdaq. They were also on pace for their fourth consecutive gain. —Imbert

Billionaire investor Paul Singer's hedge fund, Elliott Management, has reportedly taken a stake in SoftBank that's worth more than $2.5 billion. Elliott confirmed it had a stake in SoftBank, but not the size. "Elliott's substantial investment in SoftBank Group reflects its strong conviction that the market significantly undervalues SoftBank's portfolio of assets," a spokesperson for the hedge fund said in a statement. —Imbert

Shares of Sonos spiked more than 12% and set a new 52-week high after a stronger-than-expected first quarter earnings report. Sonos reported 60 cents in earnings per share and $562.1 million in revenue. Analysts expected 48 cents in earnings per share and $545.6 million in revenue, according to FactSet. The U.S. International Trade Commission also announced on Thursday an investigation of some audio products made by Google. Sonos sued Google last month, arguing that the tech giant was using its patented technology in smart speakers. Sonos CEO Patrick Spence said that, "I owe it to everybody at Sonos to stand up for our innovation and protect what we have invented." —Pound

The S&P 500 is up a whopping 3.7% for the week. If that holds, it will be the biggest weekly gain for the broad index since the first week of June, when it rallied more than 4%. Stocks have staged a massive comeback this week, recovering their losses from the coronavirus scare as investors cheer strong economic data along with better-than-expected earnings. "Without wanting to be too much of a cynic, when faced with something this hard to discount markets do sometimes take the easy way out and do what they were going to do anyway," Michael Shaoul, chairman and CEO of Marketfield Asset Management, in a note. "Although the medical news looks likely to worsen in the days ahead we are not shocked by the ability of global markets to bounce hard." —Imbert

The iShares Nasdaq Biotechnology ETF (IBB) is up 7.5% week to date, on pace for its best week since Jan. 4, 2019 when it gained 8.13%. The SPDR S&P Biotech ETF (XBI) is up 7.8% this week so far, on pace for its best week since Jan. 11, 2019 when it surged 8.06%. Top gainers in the industry include Insmed, which is up over 64% this week on positive drug news. Biogen is also up almost 25% week to date, on pace for its best week since Oct. 25 when it soared 30.89%. —Francolla

The major averages were on pace to post record closing highs as well as four-day winning streaks, bolstered by a cut in China tariffs on U.S. goods. The reduction is part of the phase one trade deal signed by both countries last month. Strong quarterly results from companies such as Twitter also lifted the major indexes. —Imbert

Fifty-one stocks listed in the New York Stock Exchange have reached 52-week highs in Thursday's session thus far, with 42 of those names hitting record levels. Procter & Gamble traded 0.9% higher and reached an all-time high dating back to 1891, when it first listed at the NYSE. Clorox reached its first record mark since 1968. Pepsico also traded at its first all-time high since Pepsi-Cola's merger with Frito-Lay in 1965. The raft of 52-week highs comes as the broader market continues to recover from its coronavirus losses. —Imbert, Francolla

Online mattress retailer Casper debuted on the New York Stock Exchange under the symbol "CSPR" Thursday. The shares are trading at about $15.23, after opening at $14.50 around 11 am ET. Casper had priced its IPO at $12 per share, or the very low end of its target range, Wednesday evening.– Li

Shares of Nokia and er are moving higher after U.S. Attorney General Robert Barr said the U.S. and its allies should consider investing in the companies to compete with Huawei on 5G. Barr's comments, Reuters reported. His comment came after the United Kingdom decided to let Huawei participate in its 5G network, which was seen as a disappointment by the Trump administration. U.S officials have been critical of Huawei in recent years, often citing security risks. Nokia has risen 1.2% so far today and is trading at $4.08 per share, while Ericsson is up 0.9% and is trading at $8.25 per share. — Pound

Shares of Tesla climbed 4% after suffering its second worst day ever on Wednesday. The stock tanked more than 17% in the previous session after the electric-car maker announced a delay in Model 3 deliveries. Still, Tesla is up more than 80% in 2020 alone. Tesla traded lower earlier on Thursday before recovering. —Li

Global stocks gaining traction over the last four days makes sense, as people are realizing the coronavirus outbreak isn't likely to cause long-term effects on the markets, said China Beige Book's chief economist Derek Scissors on "Squawk Box." "This isn't a natural disaster that destroys capital stock," he said. "As long as people recover fully it's not going to affect productivity." China is facing a short-term GDP bump, he said, but long-term growth should stay stable, he added. The Shenzhen composite on Thursday surged 2.895% to end its trading day at approximately 1,727.24 while the Shenzhen component advanced 2.87% to close at 10,601.34. The Shanghai composite rose 1.72% to close at about 2,866.51. — Bursztynsky

The outbreak of the new coronavirus will lower global GDP growth by 50 basis points in the first quarter, according to a note from Deutsche Bank.The bank lowered its estimate for China's GDP growth to 4.6% from 6.1% from the quarter and revised its estimates for other major countries downward as well, dropping its world growth estimate by 0.5 percentage points. For the full year, Deutsche Bank lowered its world growth estimate to 3.1% from 3.3%.Deutsche Bank also estimated that the outbreak would cause Japan's GDP to shrink in the first quarter and for the full year. — Pound

The Dow cut its gains at the open completely, turning negative after hitting a new intraday high earlier. Exxon Mobil and chemicals company Dow lost 1.1% and 1.8%, respectively, weighing on the 30-stock index. — Li

Twitter shares jumped 14% following the company's fourth quarter earnings. The Street seems to be ignoring the company's EPS miss, instead focusing on the strong user numbers and revenue beat. Twitter earned 25 cents per share compared with Street estimates of 29 cents, according to Refinitiv, and revenue came in at $1.01 billion. Analysts had been expecting $996.7 million. Monetizable daily active users grew 21%, the fastest rate of growth ever, to a record 152 million. — Stevens

Shares of Tesla slipped as much as 6% in the opening minutes of trading as the stock fell as low as $687 a share. The move continues Wednesday's more than 17% drop for the stock. Additionally, Tesla is nearly 30% below the intraday high of $968.99 a share it hit on Tuesday. – Sheetz

The Dow opened about 100 points higher to another all-time high, headed for its fourth straight day of gains. IBM and 3M are the best performers in the 30-stock index, up 1.5% each. The S&P 500 climbed 0.2% to a record at the open, bringing its week-to-date rise to 3.5%. The Nasdaq Composite rose 0.1%.— Li

• Bernstein upgraded VMware to outperform from market perform (VMW up 1.6%)
• Raymond James upgraded Micron to strong buy from market perform (MU rises 2.3%)
• Mizuho initiated AbbVie & Pfizer as buy (ABBV up 0.9%; PFE gains 0.6%)
• Bank of America downgraded Funko to underperform from buy (FNKO plummets 39%)

CNBC Pro subscribers can read more here. —Bloom

Jobless claims in the U.S. fell last week to 202,000 — a nine-month low — from 217,000 in the previous week. Economists polled by Dow Jones expected claims to slip down to 215,000. The data follows a strong private payrolls report from ADP and Moody's Analytics on Wednesday, which helped boost the major averages. The U.S. government is also scheduled to release its monthly jobs report on Friday. —Imbert

Stocks have been on fire this week as coronavirus fears recede, but JPMorgan strategist Nikolaos Panigirtzoglou thinks some caution is still warranted. "Despite this week's equity market rebound we are reluctant to chase short-term momentum," Panigirtzoglou said in a note to clients. "There is a significant risk of an unexpected re-acceleration of new coronavirus cases." He added the pace of new reported cases in China could gain steam once again as factories re-open and "more people come in contact with each other." —Imbert, Bloom

The rotation into value stocks that appeared last fall returned on Wednesday, UBS said in a note, with investors moving out of momentum and growth stocks and into names that are considered to be value and cyclical stocks. Big tech stocks, for example, failed to keep pace with the S&P 500's 1.13% gain yesterday. Facebook, Apple and Netflix all finished positive on Wednesday, but gained less than 1%. Alphabet shares were flat for the day, while Amazon lost about 0.5%."This is a big shift from what we have seen YTD," the note said. —Pound

Shares of Peloton slid 7% in premarket trading after the company reported widening losses and slowing revenue growth in the second quarter. The company lost $55.4 million for a loss of 20 cents per share. This was smaller than the 36 cent loss analysts had been expecting, according to estimates from Refinitiv, but was larger than the $55.1 million the company lost in the same quarter a year earlier. Revenue rose 77% to $466.3 million, which topped Street expectations, although the pace of growth slowed from the prior quarter. The company said that connected fitness subscribers surged 96% year-over-year, but the average net monthly churn rate did tick higher to 0.74%, compared to 0.52% a year earlier. —Stevens

Shares of Tesla slipped about 3% in premarket trading, a relatively small move for the stock after three days in a row of crazy swings. Tesla gained 19.9% and 13.7% on Monday and Tuesday, respectively, before selling off sharply on Wednesday and dropping 17.2%. The stock has seen unusually high trading volume in those three days, each of them nearly triple Tesla's average daily trading volume. – Sheetz

Hotel and cruise line companies, which took the hardest hits from the deadly coronavirus, are set to rebound in premarket trading as the broad market tries to rise for the fourth day in a row. Shares of Wynn Resorts, Las Vegas Sands are up about 1% each, while Carnival's stock also climbed 1.1% after losing nearly 9% in the past month. Apple is also up 0.6% in premarket. The iPhone maker has shut all its stores in mainland China through Feb. 9.—Li

Shares of Twitter rose more than 7% during Thursday's pre-market trading after the company beat revenue estimates for the fourth quarter and said that its monetizable daily active users hit a record high. This is the third time Twitter has reported mDAUs, which it defines as "Twitter users who log in and access Twitter on any given day through Twitter.com or our Twitter applications that are able to show ads." The company did, however, miss EPS numbers, and Q1 revenue guidance was light. -Stevens

Stock futures pointed to solid gains on Thursday, putting the major averages in position to post a four-day winning streak. Dow Jones Industrial Average futures pointed to a gain of nearly 100 points. S&P 500 futures indicated a record open. Thursday's gains come after China cut said it will cut some tariffs on U.S. goods in half as part of the phase-one trade deal signed last month. —Imbert

—With reporting by Michael Sheetz, Jesse Pound, Patti Domm, Jessica Bursztynsky, Gina Francolla and Michael Bloom.