US stocks saw a rise on Wednesday as traders digested corporate earnings reports. Tech stocks, in particular, experienced gains, with Tesla surging over 10% in early morning trading. Investors are eagerly awaiting earnings reports from Meta and Microsoft later in the week.
The S&P 500 and Nasdaq Composite were up in early trading, while the Dow Jones Industrial Average remained mostly flat. Tesla soared after the company missed its revenue target but provided optimistic guidance on a cheaper mass-market electric vehicle. The stock jumped 12% shortly after the opening bell on Wednesday.
Tech giants like Meta and Microsoft are in focus this week, with Meta reporting after the market close on Wednesday and Microsoft set to release financial results on Thursday.
The corporate earnings season has been relatively positive so far, with 74% of S&P 500 companies that have reported for the first quarter beating earnings estimates. On average, companies are surpassing estimates by 7.8%.
In commodities, bonds, and crypto news, West Texas Intermediate crude oil dipped by 0.35% to $83.07 a barrel, while Brent crude slid 0.2% to $88.23 a barrel. Gold also fell by 0.7% to $2,320.67 an ounce. The 10-year Treasury yield rose three basis points to 1.636%, and Bitcoin saw a slight decrease to $66,079.
Overall, US indexes were positive at the 9:30 a.m. opening bell on Wednesday as investors eagerly awaited more corporate earnings reports and monitored movements in commodities and cryptocurrencies.