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Wall Street’s major market averages traded mixed on Wednesday, as investors geared up to assess earnings reports from major technology companies.
The blue-chip Dow (DJI) was +0.1%, the benchmark S&P 500 (SP500) was unchanged, and the Nasdaq Composite (COMP:IND) was -0.4%.
From a sector-by-sector perspective, six of the 11 S&P segments were up in the green and were led by utilities. On the other end, consumer discretionary was the weakest area.
Over in the bond market, the 10-year Treasury yield (US10Y) rose 3 basis points to 4.66%, while the 2-year Treasury yield (US2Y) was 3 basis points higher at 4.31%.
On the earnings front, Tesla (TSLA) and Alphabet (GOOG) (GOOGL) are scheduled to report quarterly results later in the day, with investors looking for updates on artificial intelligence spending, advertising demand, and the outlook for the technology sector. Other companies reporting include ServiceNow (NOW) and IBM (IBM).
On the economic agenda, year-ahead business inflation expectations eased in July, while mortgage demand rose during the week ended July 17.
Oil prices continued to rise. Crude oil futures (CL1:COM) were higher at $86, while Brent (CO1:COM) was $94 per barrel.
More on the markets
- S&P 500 is 1.5% from ATH after nearly two months of sideways action
- Treasury yields rise across the curve amid Middle East oil supply fears
- Micron Technology and Nvidia mask softer S&P 500 earnings growth
- From hyperscalers to chipmakers: The AI profit rotation accelerates
- Dow leadership shifts to value sectors amid broad market rotation
