Wall Street experienced a second day of lull as U.S. stocks closed mixed on Wednesday. The S&P 500 finished virtually unchanged, the Dow Jones Industrial Average rose, and the Nasdaq composite slipped.
Uber Technologies and Shopify both saw significant drops in their stock prices despite reporting better profit and revenue than expected. Match Group also saw a decline in its stock price, despite topping profit expectations. Intel fell after the U.S. Commerce Department revoked licenses for exports to a Chinese customer.
On the positive side, Lyft saw a 7.1% increase in its stock price after exceeding profit and revenue expectations. Reddit and Arista Networks also saw gains in their stock prices after delivering positive quarterly reports.
Most companies have been reporting stronger profits than expected for the start of the year, helping the U.S. stock market recover from a rough April. The market also found support as companies bought back more shares of their own stock.
In global markets, Asian indexes fell while European indexes rose modestly. The yield on the 10-year Treasury rose slightly, and the yield on the two-year Treasury ticked up.
Overall, the market continues to search for a catalyst as it navigates through a zig-zag pattern since March. Investors are closely watching for any potential changes in interest rates by the Federal Reserve and economic indicators to guide their investment decisions.
