Wall Street stocks soared Wednesday as markets digested mixed corporate earnings and awaited key U.S. inflation data.
Patrick O'Hare, an analyst at Briefing.com, said there is “a little bit of caution” the Federal Reserve is watching ahead of Friday's release of inflation numbers.
O'Hare also said investors are awaiting earnings reports from Facebook's parent company Meta, Amazon and other tech giants.
The Dow Jones Industrial Average closed 0.1% lower at 38,460.92.
The broad-based S&P 500 index was almost flat at 5,071.63, while the tech-heavy Nasdaq Composite Index rose 0.1% to 15,712.75.
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Trading was quiet on Wednesday after markets rose over the past two days, a move seen as a reflection of relief that the Middle East conflict has not escalated.
“There is a renewed trend of strong selling to test the resolve of the bulls,” O'Hare said.
Among individual companies, Tesla shares rose 12.1% despite disappointing results after CEO Elon Musk promised to accelerate production of new, more affordable electric vehicles. It skyrocketed.
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Hasbro soared 11.9% after reporting a smaller-than-expected drop in sales. The toy maker noted progress in restructuring the company.
Boeing shares fell 2.9% after the company reported a quarterly loss of $343 million, reflecting a slowdown in production due to safety concerns.
The aircraft maker was downgraded by Moody's, citing “unsatisfactory” performance in its commercial aircraft business.
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