CBS earnings — What you need to know in markets on Thursday

Myles Udland
Markets Reporter

Apple (AAPL) is still not a trillion-dollar company.

After a strong earnings report Tuesday afternoon, Apple shares gained almost 6% on Wednesday to close at $201.50, putting the company’s market cap at $990 billion and keeping Apple just shy of becoming the world’s first trillion dollar company.

And despite this strong report from the market’s biggest company, markets on Wednesday still couldn’t get a big bid as the tech-heavy Nasdaq was the only major index to close in the green while the Dow and S&P 500 both lost ground.

Quarterly results out of Tesla (TSLA) Wednesday after the market close sent shares of the carmaker up as much as 5% after hours, though the lack of overall market follow-through to major company results — Netflix, Facebook, and Apple all had major post-earnings reaction that didn’t impact the broader market — makes it unlikely Tesla’s results set the tone for markets on Thursday.

The Fed also didn’t move markets Wednesday, though the central bank gave an overall upbeat overview of the U.S. economy, using the word strong or strongly three times at the top of its latest policy statement to describe economic growth, job gains, household spending, and business investment.

On Thursday, 48 members of the S&P 500 will report earnings, with results from CBS (CBS) probably the most anticipated among investors. CBS CEO Les Moonves remains under intense scrutiny after The New Yorker reported last week that Moonves sexually harassed six employees in incidents dating back to the 1980s.

On Monday, CBS’ board of directors met to discuss the allegations against Moonves, and on Tuesday, Fox Business’ Charlie Gasparino reported that Moonves will be on the company’s earnings call and ready to answer questions.

Les Moonves, chairman and CEO of CBS Corporation. (Photo by Chris Pizzello/Invision/AP)

Other members of the S&P 500 set to report earnings on Thursday include Yum Brands (YUM), AIG (AIG), Aetna (AET), MGM Resorts (MGM), Church & Dwight (CHD), and Clorox (CLX).

And on the economic calendar, we’ll get the weekly report on initial jobless claims, the June reading on factory orders, and the revised June data on durable goods orders. This economic data comes before the week’s biggest economic event, which will be Friday’s report on the labor market in July.

Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland