(MENAFN- Baystreet) Higher Rates Offset Strong Earnings, Stocks Fall
Futures Nudge Higher Mid-Week Wednesday
Strong Earnings Propel Stocks Higher
Stocks Progress as Earnings Pour In
Stocks Progress as Earnings Pour In Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, April 24, 2024
NASDAQ Rises for 3rd Day Advertisment
The NASDAQ Composite popped Wednesday, as a post-earnings surge in Tesla helped lift the technology-heavy index higher for a third-straight session.
The Dow Jones Industrials erased 25.82 points to begin Wednesday's session at 38,477.87.
The S&P 500 index struggled higher 6.58 points to 5,077.13.
The tech-heavy index gained 78.8 points to 15,775.44.
The S&P 500 and NASDAQ are coming off a second straight winning session, as Wall Street tries to regain its footing following a recent string of losses.
Tesla climbed more than 13% after the company announced a renewed push into“more affordable” electric vehicle models. However, the megacap tech name and retail investor favorite missed expectations on both lines in the latest quarter.
Elsewhere, Visa and Texas Instruments jumped more than 2% and 7%, respectively, on the back of stronger-than-expected reports. Boeing ticked 3% higher after a narrower-than-expected first quarter earnings loss.
More than 25% of S&P 500 have reported earnings thus far. Of those companies, 79% have beaten earnings estimates,
Prices for the 10-year Treasury sagged, lifting yields to 4.66% from Tuesday's 4.60%. Treasury prices and yields move in opposite directions.
Oil prices deleted 44 cents to $82.92 U.S. a barrel.
Gold prices dulled $9.10 to $2,333.00 U.S. an ounce.
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