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Big Tech is buoying stock markets Wednesday!
Offsetting losses by industrial firms as investors digest corporate earnings that are painting a mixed picture about the state of the U.S. economy.
Major indexes Wednesday morning clawed back some of their losses from the previous day, propelled in part by tech firms including Microsoft, Amazon and Facebook parent Meta.
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Stock to watch:
First Republic's slide continues. Shares lost over 19%
Microsoft rose. Shares in the tech giant rallied over 8%
Boeing is up. The aerospace company gained nearly 3%
Chipotle hit a record. stock could close at an all-time high, trading nearly 15% higher#stocks pic.twitter.com/2XD1sASoAw— The_Journalbiz (@the_journalbiz) April 26, 2023
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The majority of S&P 500 companies that have reported quarterly earnings so far have topped Wall Street’s expectations. But companies from Google parent Alphabet to shipping giant UPS have warned investors of petering U.S. growth.
In recent trading:
Stock indexes are up. The tech-heavy Nasdaq gained 1.3% and the S&P 500 traded 0.4% higher. The Dow Jones Industrial Average ticked up 0.1%, or about 20 points.
First Republic’s slide continued. The lender’s shares lost more than 17% in morning trading, a day after shedding half their value Tuesday following worse-than-expected earnings. PacWest Bancorp jumped 15% after posting results late Tuesday.
Microsoft rose. Shares in the tech giant rallied some 8.3% following its Tuesday report of strong earnings and solid cloud growth. Activision Blizzard, meanwhile, fell by more than 11% after U.K. regulators rejected Microsoft’s $75 billion takeover bid.
Boeing is up. The aerospace company gained nearly 3% after reporting earnings that beat Wall Street expectations.
Chipotle hit a record. The burrito maker’s stock could close at an all-time high, trading nearly 15% higher Wednesday after its quarterly earnings beat Wall Street expectations.
