The stock market climbed to some of the highest levels of the day at midday as earnings reports took center stage. Microsoft, General Motors and Visa led the way, but Boeing and Alphabet dragged on the market.
The Nasdaq composite was up 0.7% after Microsoft and Alphabet went in opposite directions. The technology sector led the stock market. Technology Select Sector SPDR jumped 2.8%.
The S&P 500 climbed 0.9%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33539.27 | +299.09 | +0.90 |
| S&P 500 | (0S&P5) | 4213.85 | +38.65 | +0.93 |
| Nasdaq | (0NDQC ) | 12581.92 | +91.18 | +0.73 |
| Russell 2000 | 188.09 | +0.35 | +0.19 | |
| IBD 50 | 33.16 | +0.21 | +0.64 | |
Last Update: 12:16 PM ET 4/27/2022 |
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Metals and miners were also strong gainers Wednesday, with the S&P Metals & Miners ETF jumping 1.7%. Canadian miner Teck Resources jumped 12% after the company beat analysts' expectations on earnings and sales for the first quarter. Teck broke out from an ascending base on April 1, but last week it dropped more than 7% below its buy point of 42.48, causing a sell signal. Teck remains below the entry.
Other metal and miner stocks also gained. Freeport-McMoRan advanced 5%. Steel Dynamics and U.S. Steel both jumped close to 3%.
Stock Market Climbs Amid Mixed Results
The Dow Jones Industrial Average bounced 0.9% as Visa and Boeing made big moves on earnings.
Visa gapped up to a nearly 8% gain after the credit card company beat March-quarter earnings estimates. Boeing fell nearly 8% to the lowest since November 2020 following a disappointing first-quarter report. The company posted a loss and weaker-than-expected revenue.
Defense contractor General Dynamics reported better-than-expected first-quarter earnings early Wednesday. Its shares rose 4% and were approaching a 255.09 flat base entry.
The small-cap Russell 2000 index rose 0.7%. Volume fell on the Nasdaq and rose on the NYSE compared with the same time on Tuesday.
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Microsoft jumped nearly 6%. Late Tuesday, the company beat expectations for its March-ended quarter on strong cloud computing business. Its sales guidance for the current quarter met views. The stock is on pace for largest percentage increase since April 6, 2020, when it rose 7.4%.
Alphabet missed first-quarter earnings and revenue expectations late Tuesday. The company's YouTube advertising growth lagged estimates. Earnings fell 6% to $24.62 per share. The stock fell 2% after paring losses.
General Motors rose 0.8% but remains near late-2020 levels. The automaker's earnings fell less than expected in the first quarter. GM reaffirmed its 2022 earnings outlook, citing strong demand and improving vehicle production as chip shortages start to ease.
Streaming music and podcast service Spotify Technology on Wednesday beat expectations for revenue and earnings in the first quarter. But its subscriber count and guidance came up short. Spotify stock fell 9% on the news. The Stockholm-based company added 2 million subscribers in the March quarter. Analysts had expected 2.57 million.
The Innovator IBD 50 ETF rose 1%, beating the stock market. Arch Resources led the IBD 50 with an 8% increase and is close to a new closing high. The coal producer bounced off the 10-week moving average Tuesday after the company's earnings report.
Rival coal miner Alpha Metallurgical Resources also gained 11%.
In economic news, U.S. pending sales of existing homes dropped 1.2% from the previous month, worse than the 1.1% drop that economists had expected, according to Econoday.
Follow Michael Molinski on Twitter @IMmolinski
