Stocks on Wall Street were little changed Wednesday after a wide recovery spurred by technology firms faded by late afternoon, leaving the market barely altered a day after a massive sell-off.
The disappointing end capped a shaky morning for equities, the latest instability in the market as traders anticipate more earnings reports from major U.S. corporations this week.
The S&P 500 lost most of its noon rise and ended the day with only a 0.2% gain. After the tech market rally faded, the Nasdaq finished just in the red. The Dow Jones Industrial Average increased by 0.2%.
The indexes rallied to a strong finish late Monday only to slump on Tuesday. They are all down 1.5% or more so far this week.
The S&P 500 rose 8.76 points to 4,183.96, while the Dow added 61.75 points to 33,301.93. The Nasdaq slipped 1.81 points to 12,488.93.
Smaller company stocks lost ground. The Russell 2000 fell 6.44 points, or 0.3%, to 1,884.04.
Investors reviewed the latest batch of company earnings Wednesday, including results from several big technologies and communications companies.
Software giant Microsoft rose 4.8% after reporting strong profits for its most recent quarter. Payments processing giant Visa jumped 6.5% after reporting a surge in profits fueled by a large jump in spending on the company’s namesake credit and debit card network.
Alphabet, Google’s parent company, fell 3.7%, after posting its slowest quarterly revenue growth since 2020. Facebook’s parent company, Meta Platforms, jumped 14.6% in after-hours trading following its latest quarterly earnings, which topped Wall Street’s estimates.
Investors were also focused on earnings from industrial companies and various retailers. Boeing slumped 7.5% after it reported a loss that was far worse than Wall Street expected. Chipotle rose 2.6% after reporting solid financial results. Twitter, Apple and Amazon will report their results on Thursday.
Bond yields have generally been rising throughout the year as investors prepare for higher rates. The yield on the 10-year Treasury rose to 2.83% from 2.77% late Tuesday.