-
US stocks rose on Wednesday as investors took in the latest corporate earnings results.
-
Netflix jumped over 10% after reporting strong subscriber gains.
-
Investors have their eye on Tesla and IBM, which will report earnings after the closing bell.
US stocks climbed higher on Wednesday as investors took in hot earnings results in the tech sector. Major indexes rose in morning trading, with the Nasdaq 100 up by 1%.
Investors have been encouraged by the strong start to the corporate earnings season, which has officially pushed the S&P 500 into bull market territory.
Netflix shares jumped over 10% Wednesday morning after the streaming giant said it had amassed a record-number of subscribers, gaining 13 million new customers over the last quarter. Revenue and corporate earnings also came in hotter-than-expected over the last three-month period.
Traders are now watching Tesla and IBM, which are set to report their fourth-quarter results after the closing bell.
Markets also have their eye on incoming GDP data and the PCE inflation, the Fed’s preferred measure of price growth, which are both set to roll out later this week. Those reports could be crucial inputs for the Fed as it mulls how deeply to cut interest rates later this year.
Here’s where US indexes stood at the 9:30 a.m. opening bell on Wednesday:
Here’s what else happened today:
In commodities, bonds, and crypto:
-
West Texas Intermediate crude oil ticked higher 0.67% to $74.87 a barrel. Brent crude, the international benchmark, rose 0.49% to $79.97 a barrel.
-
Gold climbed 0.4% $2,033.90 per ounce.
-
The 10-year Treasury yield dropped five basis points to 4.088%.
-
Bitcoin rose 3.8% to $40,024.
Read the original article on Business Insider