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Wall Street opens mixed after positive earnings deluge

·2-min read

US stocks were mixed in early trading Wednesday after a flood of quarterly earnings, including from big tech names, came in better than expected.

Analysts said investors might view the strong results as nearing the peak of the recovery bounceback.

After tech giants Apple, Microsoft and Google-parent Alphabet reported a strong second quarter, the Nasdaq gained 0.6 percent to 14,745.23 about 30 minutes into the trading session, rebounding from a 1.2 percent drop Tuesday.

The Dow Jones Industrial Average slipped 0.2 percent to 34,971.72, while the broad-based S&P 500 was essentially flat off less than 0.1 percent at 4,397.73. analyst Patrick O'Hare said reaction to the positive results was "somewhat subdued" because investors and traders have become acclimated to better-than-expected news.

But they also might be starting to reason that "it's hard to think that things can get that much better knowing that comparisons are going to get more challenging and that demand has been pulled forward for many companies," he said in an analysis.

Meanwhile the Federal Reserve is set to announce its latest policy decision at 1800 GMT.

It is expected to repeat its assurance that low interest rates and easy money will continue to flow, even as it begins to discuss the right time to taper the pace of its massive bond buying.

"Listen for the Fed chair to say much of the same we have heard from him already, including that any decision about tapering the Fed's asset purchases will be communicated well in advance of the tapering," O'Hare said.

Boeing surged 4.7 percent after reporting a surprise profit in the quarter -- its first since late 2019 -- which will allow it to hold onto employees it had planned to lay off.

Pfizer rose 2.5 percent after raising its profit outlook amid surging Covid-19 vaccine sales.

Google's parent rebounded 3.6 percent, while Microsoft was up 0.3 percent, but Apple fell 1.4 percent.

Activision Blizzard rebounded 3.8 percent after dropping 6.8 percent in the prior session on news some employees planned to walk out Thursday to protest sexism at the video game company.

The California Department of Fair Employment and Housing filed a civil complaint last week claiming the maker of the popular "Call of Duty" and "World of Warcraft" games violated state laws by allowing a "pervasive frat boy workplace culture."

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