US stocks wobbled on Wednesday but the Dow managed to notch its sixth winning session in a row. Tech stocks slid, with Uber reporting poor earnings and Intel adjusting guidance lower for the quarter.
Despite the mixed performance, the Dow Jones Industrial Average continued its winning streak, climbing for the sixth consecutive day. However, tech stocks took a hit, with Uber shares falling 5.7% after disappointing earnings and Intel shares dropping due to lowered revenue guidance for the quarter. Tesla also saw a nearly 2% decline following reports of misleading claims about its autopilot capabilities.
On a positive note, overall earnings in the market have been strong. The S&P 500 is expected to post at least 7% year-over-year earnings growth for the first quarter, according to FactSet.
Traders are closely watching the Federal Reserve’s stance on rate cuts this year, with bond yields edging higher after a so-so demand for the latest Treasury auction. The CME FedWatch tool indicates a 91% chance that the Fed will keep rates unchanged at its June policy meeting, up from 49% a month ago.
Commodities also saw movement, with West Texas Intermediate crude oil rising 0.96% to $79.13 a barrel and Brent crude increasing 0.16% to $83.71 a barrel. Gold dipped slightly to $2,310.73 per ounce, while the 10-year Treasury yield rose three basis points to 4.5%. Bitcoin also dropped 1.45% to $62,194.
Overall, the market remains volatile as investors navigate through earnings reports and economic indicators to gauge the future direction of stocks.
