Karen Friar and Dani RomeroWed, July 19, 2023, 9:34 AM EDT
Stocks opened higher on Wednesday, as investors digested early earnings from Goldman Sachs (GS) and awaited results from Netflix (NFLX) and Tesla (TSLA) due later.
The S&P 500 (^GSPC) edged up 0.2%, while the Dow Jones Industrial Average (^DJI) traded up 0.3%, or more than 110 points. The tech-heavy Nasdaq Composite (^IXIC) added 0.3%.
The second-quarter earnings season has got off to a solid start, with better-than-feared reports from Wall Street heavyweights helping lift the Dow to its seventh day of gains in a row on Tuesday. On Wednesday, Goldman Sachs kicked off a busy day, reporting that profit plunged significantly after forecasts from CEO David Solomon of a headwind-heavy quarter. Shares dipped more than 1% in the premarket trade.
After the bell, results are due from Netflix and Tesla — the first to report among the tech giants that have driven a recent stock rally. One question is whether the cooldown in inflation has had any impact on their margins, for EV maker Tesla in particular.
Shares of Carvana (CVNA) surged after the company said it has signed a deal to reduce its debt by more than $1.2 billion. The used-car retailer reported a year-in-year fall in second-quarter sales, but topped estimates, in an earnings report issued earlier than planned.
The upbeat tone in earnings is lifting hopes that the US economy will avoid a recession, with optimism already growing after last week’s reading showed inflation abating.S&P 500 (^GSPC)View quote detailsSNP – Free Realtime Quote (USD)4,572.72+17.74(0.39%)As of 9:45AM EDT.Market open.Add to watchlist
- 11 minutes agoDani RomeroStocks open higher after Goldman earnings, ahead of big techStocks opened higher Wednesday after Goldman Sachs kicked off a busy day reporting a profit plunge that had been well-telegraphed by the company as shares rose about 0.3% after the results. Investors are also braced for earnings from tech giants Tesla and Netflix after the close.Shortly after the opening bell on Wednesday the S&P 500 (^GSPC) was up 0.3%, while the Dow Jones Industrial Average (^DJI) traded up closer to 0.5%. The tech-heavy Nasdaq Composite (^IXIC) added 0.3%.
- 3 hours agoKaren FriarDow futures edge above the flatline with Goldman results on deckThe major US stock gauges were slightly higher before the bell on Wednesday as investors waited for Goldman Sachs to report as earnings season rolls on.Futures on the Dow Jones Industrial Average (^DJI) were up 0.12%, or 41 points, after the index booked its seventh consecutive day of gains on Tuesday. S&P 500 (^GSPC) futures were broadly flat with a 0.04% rise, while Nasdaq 100 futures were up 0.16%
