Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Stock Market Today: Dow Gains as Tech Rebounds on Earnings

Published 20/07/2022, 21:14
Updated 20/07/2022, 21:14
© Reuters.

© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks rode the surge in tech Wednesday ahead of more corporate earnings.

At  4:00 PM ET, the Dow Jones Industrial Average was up 51 points, or 0.2%, while the S&P 500 was up 0.6%, and the NASDAQ Composite rose 1.6%.

Netflix, Inc. (NASDAQ:NFLX) set a positive tone after the closing bell on Tuesday, saying it lost under one million subscribers in the second quarter, which is far fewer than initially feared. It also forecast growth and talked about an ad-supported subscription tier to be introduced next year. The stock was up more than 7%.

Mortgage applications slumped 6% from the prior week as high prices and rising loan interest rates pushed would-be buyers to the sidelines.

The Federal Reserve is expected to raise interest rates another 0.75 percentage point when it meets later this month. Before that, the European Central Bank is expected to make a rate move as central banks try to respond to high inflation.

Baker Hughes Co (NASDAQ:BKR) fell 8% after it revised its outlook and said there was a deterioration in demand.

Tesla, Inc. (NASDAQ:TSLA) shares jumped 4% after it beat expectation for profit. Revenue came in slightly below estimates.

Bath & Body Works, Inc. (NYSE:BBWI) shares rebounded after an earlier tumble, up 3% after it lowered its guidance.

Oil fell. Crude Oil WTI Futures was down 0.8% to $99.88 a barrel, while Brent Oil Futures fell 0.4%, to $106.88 a barrel. Gold Futures dipped 0.6%, to $1,699 an ounce.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.