Wall Street experienced a second day of lull as U.S. stocks closed mixed on Wednesday. The S&P 500 finished virtually unchanged, edging down by 0.03 to 5,187.67 after fluctuating between modest gains and losses throughout the day. The Dow Jones Industrial Average rose 172.13 points, or 0.4%, to 39,056.39, while the Nasdaq composite slipped 29.80, or 0.2%, to 16,302.76.
Uber Technologies saw a 5.7% slump after reporting worse results for the latest quarter than analysts had expected. Similarly, Shopify tumbled 18.6% despite reporting better profit and revenue for the quarter, as it forecasted slower revenue growth and lower profit margins.
Match Group, the company behind popular dating apps like Tinder and Hinge, sank 5.4% despite exceeding profit expectations. Intel fell 2.2% after the U.S. Commerce Department revoked licenses for exports to a Chinese customer, potentially impacting revenue for the current quarter.
On a positive note, Lyft surged 7.1% after surpassing profit and revenue expectations, with strong growth in specific trip categories. Reddit rose 4% after its first quarterly report as a publicly traded company, reporting a milder loss and better revenue than expected.
Arista Networks saw the biggest gain in the S&P 500, climbing 6.5% after exceeding profit and revenue expectations. Overall, most companies have reported stronger profits for the year’s start than analysts anticipated, contributing to the market’s recovery from a rough April.
The stock market also found support from companies buying back more shares of their own stock. Treasury yields have been easing, with the 10-year Treasury yield rising to 4.49% from 4.46% late Tuesday.
In global markets, Asian indexes fell, with Japan’s Nikkei 225 dropping 1.6% after Nintendo forecasted a decline in net profit for the upcoming fiscal year. European stock indexes rose modestly.
The market’s zig-zag pattern since March is expected to continue as investors search for a catalyst. The Federal Reserve’s potential interest rate cuts and inflation concerns remain key factors influencing market movements.
