4:13pm: EV companies struggle after earnings
The Dow closed Wednesday down 40 points, 0.1%, at 34,112, the Nasdaq Composite added 11 points, less than 0.1%, to 13,650 and the S&P 500 improved 4 points, 0.1%, to 4,383. The small-cap Russell 2000 index lost 20 points, 1.1%, to 1,714.
The S&P 500 notched its eighth consecutive winning session, its longest such streak in two years.
“The market is starting to set up for the Fed moving to the sidelines, and we may get a soft landing,” said Anthony Saglimbene, chief market strategist at Ameriprise. “Equities were really oversold for the last couple of months, and they’re finally seeing a little bit of a rebound.”
Meanwhile, rival EV makers Rivian and Lucid saw their shares fall 2.4% and 8.1% respectively following earnings results.
12:00pm: Stocks pause for breath after upbeat run
Stocks edged lower after a positive start consolidating recent gains which has seen the S&P rise for seven days in a row.
At midday, the Dow Jones Industrial Average was down 50.02 points, 0.2%, at 34,102.58, the S&P 500 was down 3.30 points, 0.1%, at 4,375.08 and the Nasdaq Composite was down 15.30 points, 0.1%, at 13,624.56.
Investors are awaiting a fresh catalyst after last wee's interest rate pause and payrolls data and a speech by Fed chair Jerome Powell failed to ignite the market.
Unlike some his Federal Reserve colleagues, Powell steered clear of comments on interest rates and the economy, confining his remarks to methods used to forecast the economy.
The oil price fell further which weighed on Exxon Mobil and Chevron pushing shares down 0.7% and 1.1% respectively.
9:40am: Wall Street opens higher as bullish run continues
US stocks opened higher as the Nasdaq looks to extend its winning streak to nine.
Shortly after the opening bell, the Dow Jones Industrial Average was 67.11 points, 0.2%, at 34,219.71, the S&P 500 was up 9.65 points, 0.2%, at 4,388.03 and the Nasdaq Composite was up 20.10 points, 0.2%, at 13,659.95.
Federal Reserve Chair Jerome Powell didn’t comment on the outlook for interest rates or the economy when he gave an opening address at the Division of Research and Statistics Centennial Conference in Washington.
However, there were numerous contributions from Fed officials on Tuesday, with more scheduled today.
Rivian jumped 2.6% after raising its production forecast and earnings guidance but it was different picture at Lucid Group Inc (NASDAQ:LCID), down 7.2%, after it lowered its estimate for full-year production.
eBay fell 7.0% after its outlook disappointed investors while Warner Bros Discovery tumbled 12.4% as it reported a wider loss than expected due to challenges from the ongoing strikes in Hollywood and weaker advertising revenue.
7:00am: Subdued start expected, mixed fortunes for Rivian and Lucid
US stocks are expected to make a subdued start to trading ahead of a speech by Federal Reserve chair Jerome Powell later today.
In pre-market trading, futures for the Dow Jones Industrial Average were up 0.1%, while those for the S&P 500 were 0.1% higher, and contracts for the Nasdaq 100 futures were little changed.
On Tuesday, the Nasdaq and S&P extended their winning runs to 8 and 7 respectively, the best streak since November 2021.
Powell will deliver opening remarks at a conference in Washington hosted by the central bank with vice chair Philip Jefferson will give the event’s closing remarks.
The speech comes on the back of a number of comments from Fed officials suggesting further rate increases remain possible.
Biogen, Warner Bros, Discovery, Roblox, Ralph Lauren and Under Armour will report their latest quarterly earnings before the market opens, while Lyft and Duolingo will post results after Wall Street’s closing bell.
Walt Disney also reports numbers today.
Stocks to watch include eBay, down 7% in pre-market trading after it issued a bleak revenue outlook for the busy holiday quarter, alongside third quarter results after the close Tuesday.
Heading the other way is Rivian Automotive Inc (NASDAQ:RIVN), up 6.2%, after it raised earnings guidance and its 2023 production target after reporting a narrowed third quarter loss.
The electric vehicle maker said after the close Tuesday that based on the progress of its production ramp, including the ramp of in-house motor, along with its current view of the supply chain, it is increasing production guidance to 54,000.
But Lucid Group Inc (NASDAQ:LCID) fell 5.6% in pre-market trading after it lowered its 2023 production guidance to 8,000 8,500 vehicles from prior guidance of more than 10,000 to prudently align with deliveries.