After another day of positive earnings announcements, stocks closed in the green on Wednesday. The Dow Jones Industrial Average outperformed all other indexes, advancing 0.3%. It was the index's eighth day of gains in a row, its longest winning streak since September 2019. The Nasdaq rebounded from afternoon losses to finish just over flat. Earnings …
After another day of positive earnings announcements, stocks closed in the green on Wednesday.
The Dow Jones Industrial Average outperformed all other indexes, advancing 0.3%. It was the index’s eighth day of gains in a row, its longest winning streak since September 2019. The Nasdaq rebounded from afternoon losses to finish just over flat.
Earnings surprises from many regional banks, including M&T Bank Corp (MTB) and Northern Trust Corp (NTRS), boosted stocks.
After the bell, technology will take over from banking, with Tesla (TSLA), Netflix (NFLX), and International Business Machines (IBM) among the corporations reporting profits once markets close.
The Nasdaq 100 futures fell by 0.6% on Wednesday evening after Netflix reported its latest quarterly earning.
Netflix shares fell 8% in after-hours trading following the streaming giant’s second-quarter earnings announcement. According to Refinitiv, the company’s revenue was $8.19 billion, falling short of the $8.3 billion predicted by analysts. Tesla shares fell 4% in extended trading after CEO Elon Musk and other executives announced on an earnings call that vehicle production would decrease during the third quarter due to facility renovations.
These increases occurred after corporations reported better-than-expected quarterly results. “Investors are saying loud and clear that they expect the current stock market rally to continue,” said Vanguard senior researcher Tom De Luca. “Right now, short-term optimism is higher than we’ve seen since December 2021, shortly before the start of the 2022 bear market.”
Johnson & Johnson, Travelers, American Airlines, and Blackstone are scheduled to announce profits before the market opens on Thursday. Wall Street will also be watching the weekly unemployment claims and existing home sales statistics.
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