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The U.S. stock market attempted a rebound following Tuesday’s declines, which were sparked by a higher-than-expected inflation report in January, as investors refocused on corporate earnings.
More than two-thirds of S&P 500 companies reported thus far, with 75% of them exceeding earnings-per-share expectations and 65% reporting positive revenue, according to Factset data.
Wednesday’s recovery impacted nine out of eleven S&P 500 sectors, with energy and consumer staples lagging behind.
The S&P 500 was up 0.4% as of noon trading in New York, while the tech-heavy Nasdaq 100 surged by 0.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:IWM), rallied by 1.7% after experiencing a 4% drop on Tuesday.
Treasury yields were lower across all maturities amid dovish Fed remarks. The 10-year yield dropped 7 basis points to 4.25% after Chicago Fed President Austan Goolsbee stated that even if inflation comes in a bit higher over next few months, it would still be consistent with the path back to the 2% target.
Meanwhile, Bitcoin (CRYPTO: BTC) continued to dominate headlines, as the largest cryptocurrency surpassed a $1 trillion market value, with its price climbing above $51,000.
In the commodities market, U.S. natural gas prices declined for the eighth consecutive day amid milder weather forecasts and elevated stocks, reaching lows last observed in July 2020.
Major Indices & ETFs | Price | 1-Day % |
Russell 2000 | 1,995.83 | 1.7% |
Nasdaq 100 | 17,681.96 | 0.5% |
S&P 500 | 4,971.29 | 0.4% |
Dow Jones | 38,273.13 | 0.0% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.4% higher to $495.55, the SPDR Dow Jones Industrial Average (NYSE:DIA) held steady at $382.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.5% to $430.34, according to Benzinga Pro data.
The Industrials Select Sector SPDR Fund (NYSE:XLI), outperformed, up 1.1%, while the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) was the laggard, down 0.6%.
Industry-wise, solar stocks, as tracked by the Invesco Solar ETF (NYSE:TAN), rallied by 3.5%, after dropping nearly 6% on Tuesday.
Photo: Shutterstock
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