The technological index nasdaq performed better than the other major indices Wall Street on Wednesday, thanks to the good results of Microsoft They boosted the technology sector, though it trimmed its gains as the session progressed on lingering fears about a weakening US economy and banking sector.
He S&P 500 and the Dow Jones closed lower, dragged down by transport stocks – sensitive to the economic cycle – due to fears of an ongoing recession. Bank stocks also came under pressure as regional bank First Republic hit a record low. Investors have been nervous about the sector since the recent failure of two US banks.
Still, the actions of Microsoft They rebounded after upbeat quarterly earnings and sales, including strong numbers for AI products. Its results boosted shares of companies like cloud computing rival Amazon.com Inc.data analytics company Datadog and data cloud giant Snowflake Inc..
Alphabet Incmeanwhile, reported better-than-expected first-quarter results and a $70 billion share buyback plan.
“The market is looking for direction on where the economy and companies are going. We’ve had some good earnings reports, but investors are realizing that it’s not enough to clarify the way forward,” said Lisa Erickson, chief of public markets of US Bank Wealth Management, in Minneapolis.
Investors expect more earnings reports and a key inflation reading on Friday, as well as the meeting of the Federal Reserve (fed) next week, according to Erickson.
He S&P 500 lost 15.64 points, or 0.38%, to 4,055.99 units, while the index Nasdaq Composite rose 0.47% to 11,854.35 units. He Dow Jones Industrial Average it fell 228.96 points, or 0.68%, to 33,301.87 units.
However, the average Dow of Transportation it fell for the second straight day after weaker-than-expected capital goods data on Wednesday and weak results from the United Parcel Service on Tuesday.
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