Stocks ended with meager gains on Wall Street Wednesday, stabilizing after a sell-off in tech stocks a day earlier. It’s the latest turbulence for the market as traders brace for more earnings reports from major US companies. The S&P 500 saw most of a midday rally evaporate and wound up with a gain of just 0.2%. A tech recovery also petered out, leaving the Nasdaq just barely in the red, the AP reports. The S&P 500 rose 8.76 points to 4,183.96. The Dow Jones Industrial Average rose 61.75 points, or 0.2%, to 33,301.93. The Nasdaq fell 1.81 points, or less than 0.1%, to 12,488.93.
Visa jumped 6.4% after reporting a surge in profits fueled by a large jump in spending on the company’s namesake credit and debit card network.. Boeing slumped 7.5% after reporting a loss of $1.2 billion in the first quarter, a much bigger loss than Wall Street anticipated. Big Tech companies had some of the biggest gains on Wednesday. Microsoft rose 4.8% after reporting strong profits for its most recent quarter. Big communications companies are also reporting their latest results. Alphabet, Google's parent company, fell 3.7%, after posting its slowest quarterly revenue growth since 2020. Facebook parent Meta Platforms is on deck to report its results later Wednesday. Twitter, Apple, and Amazon will report their results on Thursday.
The latest round of earnings comes amid lingering concerns about rising inflation and plans from central banks to raise interest rates. Wall Street remains focused on inflation's path forward amid lingering threats from the pandemic and Russia's war against Ukraine. "Everyone is dealing with this sort of whack-a-mole of risks that seems to be getting bigger as days and months go by," says Katie Nixon, chief investment officer for Northern Trust Wealth Management. "We just keep moving more areas of uncertainty onto the pile of uncertainties."
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