Wall Street moved without a clear trend on Wednesday, with investors unable to find new catalysts to fuel further gains in the index, which recently returned to near its all-time highs.
As of morning’s close, the Dow Jones Industrial Average was up 0.2% at 38,954.2 points, while the Nasdaq Composite Index was down 0.2% at 16,288.5 points.
US stock markets already ended on a meager note yesterday, failing to extend their gains despite the continued reversal in bond yields.
Market participants appeared to be struggling to find clear direction this morning following contrasting quarterly results from several of the largest technology companies.
Uber Technologies fell more than 8% after the company reported that its net loss (group share) widened to $654 million in the first three months of this year.
Social media company Reddit posted a convincing performance in its first earnings report since going public, rising 2%.
None of the indicators on the morning’s agenda provided an overview of the state of the economy or, by extension, the Fed’s future intentions.
According to statistics released this morning by the Department of Commerce, wholesale inventories continued to decline in March, falling by 0.4%.
Oil prices returned to the upswing after last week’s announcement of a modest decline in crude oil inventories, with U.S. light crude oil (WTI) rising 0.9% to $79.1.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
