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US stocks were a mixed bag on Wednesday as investors tried to read the rate-cut runes and weighed a fresh batch of earnings reports for insight into the chance of a corporate America-spurred revival.
The Dow Jones Industrial Average (^DJI) rose 0.5%, or nearly 200 points, while the S&P 500 (^GSPC) closed roughly flat on the day. The tech-heavy Nasdaq Composite (^IXIC) edged down about 0.1%. The Dow has now risen for six straight trading sessions and is back above 39,000.
While stocks have notched a string of gains in recent days, the rally lost some steam Tuesday as Federal Reserve policymaker Neel Kashkari signaled that rates are likely to stay at historic highs for a while. Boston Fed President Susan Collins furthered this notion on Wednesday, saying it will take longer "than previously thought" to bring inflation down.
Uncertainty about corporate earnings also gave some investors pause as the season entered its final stretch. While techs have mainly delivered on high expectations, the focus is now on whether other sectors can match up.
On Wednesday’s docket, Uber’s (UBER) forecast for a key bookings metric missed the mark, dragging its shares down almost 6%. Shopify (SHOP) shares plunged nearly 19% after the e-commerce platform forecast its slowest quarterly revenue growth in two years.
In after hours, Robinhood (HOOD) shares surged as much as 7% as the company topped Wall Street’s estimates for quarterly profits and revenue. Airbnb (ABNB) was a different story with shares sliding nearly 7% as the company’s guidance range for current quarter revenue fell below analyst expectations.
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