The U.S. stock market took a breather on Wednesday, with the Dow Industrial Average closing down fractionally, while the S&P 500 and Nasdaq ended slightly higher. The day was marked by a slew of corporate earnings reports and anticipation for key economic data at the end of the week.
One of the biggest gainers of the day was Tesla, which saw an 8% jump in its stock price following Tuesday’s earnings report. Despite a significant year-over-year revenue drop, CEO Elon Musk’s promise of more affordable cars in the near future and a production plan set for next year boosted investor confidence. However, Tesla stock is still down 35% for the year.
Meta, Microsoft, and Google are set to report earnings later in the week, with investors particularly eager to see Meta’s results after a strong year of efficiency and improved margins. Boeing, on the other hand, saw its shares fall over 2% after reporting a loss of over $350 million last quarter due to a quality-control crisis.
Looking ahead, investors will be keeping a close eye on key economic data, including GDP numbers for the first quarter and the PCE price index, the Fed’s preferred gauge of inflation. Stubborn inflation data has dampened hopes for imminent interest-rate cuts, with the central bank signaling no cuts in the near future.
As the week progresses, the stock market remains a dynamic and ever-changing landscape, with investors navigating through corporate earnings, economic data, and market trends to make informed decisions.
