Wall Street stocks remained volatile in morning trade on Wednesday, after the previous day’s loss. It’s the latest volatility for the market as investors watch out for more financial reports from big US companies this week.
The S&P 500 was up 0.64 to 4,201.87% as of 11:18 am Eastern Time Zone after swinging between gains and losses in the early trading. The Nasdaq rose 0.64% to 12,570.89. The Dow Jones Industrial Average edged up 63 points or 0.55% to 33,423.66.
This week has been highly volatile for major indexes, which surged to a solid close late Monday only to tumble on Tuesday.
It has been a volatile week for major indexes, which rallied to a strong finish late Monday only to slump on Tuesday.
Technology stocks have dominated for most of this week’s ups and downs. Many technology companies have expensive stock values that can push the market in either direction.
Technology companies were some of the biggest gainers on Wednesday. Software major Microsoft surged 4.5% after posting strong profits for the first quarter of 2022. Payments firm Visa rose 7.9% after reporting a surge in profits due to a large jump in spending on the company’s namesake credit and debit card network.
Communication firms are also announcing their latest earning reports. Google’s parent firm Alphabet declined 3.9% after reporting its slowest quarterly revenue growth since 2020.
Meta Platforms, Facebook’s parent company will announce its results late on Wednesday. Twitter and Apple will report their results on Thursday.
Investors are also reviewing earning reports from the industrial sector and retailers. Boeing plunged 11.3% after it reported a loss that was far worse than the analysts’ expectations. Chipotle jumped 2% after reporting strong financial results. E-commerce giant Amazon will release its financial report on Thursday.
The latest round of financial reports comes amid persisting concerns about surging inflation and plans from central banks to hike interest rates to curb the impact of higher costs on businesses and consumers.
Investors are closely watching how companies have managed the supply chain issues and higher costs while reviewing how customers are dealing with soaring prices for everything from food to clothing and gas.
Bond yields have been surging throughout the year as investors anticipated higher rates, though they have declined over the past few days. The yield on the 10-year Treasury slipped to 2.76% from 2.77% late Tuesday.