US stocks rise with tech sector gaining amid earnings

April 24, 2024

1 minute read

US stocks rose on Wednesday as traders took in corporate earnings reports.
Tech stocks have gained, with Tesla popping over 10% in early morning trading.
Investors are eyeing Meta and Microsoft to report earnings later this week.

US stocks were mostly higher on Wednesday as traders took in a slew of corporate earnings. The S&P 500 and Nasdaq Composite rose in early morning trading, while the Dow Jones Industrial Average traded mostly flat.

Tesla rallied after the electric vehicle maker missed its revenue target, but issued firm guidance on a cheaper mass-market EV. The stock was up 12% shortly after the opening bell on Wednesday.

Markets are eyeing results from tech giants this week, with Meta reporting after the closing bell Wednesday and Microsoft set to report financials on Thursday.

Investors have been enjoying a relatively upbeat corporate earnings season thus dar. Of the 14% of S&P 500 companies that have reported for the first quarter, 74% beat earnings estimates, according to data from FactSet. On average, companies are beating estimates by 7.8%.

Here’s where US indexes stood at the 9:30 a.m. opening bell on Wednesday:

Here’s what else is going on:

In commodities, bonds, and crypto:

West Texas Intermediate crude oil dropped by 0.35% to $83.07 a barrel. Brent crude, the international benchmark, slid 0.2% to 88.23 a barrel.
Gold fell by 0.7% to $2,320.67 an ounce.
The 10-year Treasury yield rose three basis points to 4.636%.
Bitcoin was down slightly to $66,079.