By Liz Moyer
Investing.com -- U.S. stocks rebounded on Wednesday as a strong earnings report from Microsoft late Tuesday helped stop the rout in technology stocks.
At 10:09 AM ET, theDow Jones Industrial Average rose 184, or 0.6%, while the S&P 500 was up 0.7% and theNASDAQ Composite was up 0.7%.
Tech stocks tumbled 4% on Tuesday as fears of a global economic slowdown gripped the market, dragging the Nasdaq to its lowest level since 2020. But a better than expected showing from Microsoft Corporation (NASDAQ:MSFT) has halted the slide for now.
But markets were higher earlier in the session. One big influence in the Dow, Boeing (NYSE:BA) Co., missed forecasts for first quarter earnings, sending its shares down 11%. It said Wednesday it would stop production of its 777X through 2023 after certification problems and sluggish demand.
Investors are awaiting the next meeting of the Federal Reserve, when the policy makers are expected to jack up interest rates by a half point in the face of red-hot inflation that has seeped into food, energy and housing prices.
Shares of computer giant Microsoft are up nearly 6% after it forecast double digit revenue growth in the next year as demand climbs for cloud services. Payments giant Visa Inc Class A (NYSE:V) shares also jumped nearly 10%. It expects revenue to pick up at a faster pace.
Later Wednesday, Meta Platforms Inc (NASDAQ:FB) will report. The Facebook parent will be closely watched for certain measures, including active users and advertising revenue.
Oil prices slipped, with the price of Crude Oil WTI Futures down about 1%, to $100 a barrel, while Brent Oil Futuresfell 0.7% to $103.95. Gold Futures slipped 0.8%, to $1,888 an ounce.