Stocks end mixed as Nasdaq waffles, Boeing shares sink

Meta reports after the bell

U.S. stocks rebounded on Wednesday but closed off the best levels of the session following the tech-related selloff that sent the Nasdaq Composite to levels not seen since December 2020 - the benchmark ended little changed. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 39069.59 +4.33 +0.01%
SP500 S&P 500 5304.72 +36.88 +0.70%
I:COMP NASDAQ COMPOSITE INDEX 16920.794392 +184.76 +1.10%

The Dow Jones Industrial Average rose over 62 points or 0.19%, while the S&P 500 rose 0.21%. 

Investors took in a fresh round of earnings and looked ahead to Thursday's report of GDP which is expected to rise just 1.1% in 1Q versus 6.9% in 4Q.

New York Stock Exchange

Floor traders at the New York Stock Exchange. (AP Photo/Richard Drew / Associated Press)

Investors focused on a new crop of earnings led by Boeing. 

Ticker Security Last Change Change %
BA THE BOEING CO. 174.52 +2.31 +1.34%

The plane maker lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses. The loss was bigger than Wall Street had forecast, and the company's quarterly revenue also fell short of expectations.

In tech, Microsoft shares rose after the company boosted its revenue forecast.

Ticker Security Last Change Change %
MSFT MICROSOFT CORP. 430.16 +3.16 +0.74%

MICROSOFT BOOSTS REVENUE FORECAST, ALPHABET GROWTH SLOWS

Google's parent company, Alphabet Inc., dipped after results that fell short of analysts' estimates.

Ticker Security Last Change Change %
GOOGL ALPHABET INC. 174.99 +1.44 +0.83%

Chipotle shares rose after the Mexican chain said same-store sales in the 2Q may grow as much as 12% above the nearly 9% estimate. 

Jack Hartung, CFO of Chipotle Mexican Grill joined "Mornings with Maria" to discuss the company’s standing in the current economic climate. Hartung said this inflationary period is "the worst" he’s seen but praised the company for its customer-first mindset and prioritizing its quality ingredients.

"I would say over the years we’ve been behind a little bit in raising prices, and now we’ve done that intentionally," he said.

Elsewhere, shares of toymaker Mattel rose on reports the company is exploring a sale and has held talks with buyout firms, including Apollo Global Management Inc.

Ticker Security Last Change Change %
MAT MATTEL INC. 17.58 +0.05 +0.29%

Online trading platform Robinhood in focus after announcing it will cut 9% of its workforce following a rapid expansion that duplicated some roles, according to its CEO Vlad Tenev. 

Ticker Security Last Change Change %
HOOD ROBINHOOD MARKETS INC. 20.51 +1.27 +6.60%

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Ticker Security Last Change Change %
AAPL APPLE INC. 189.98 +3.10 +1.66%
FB n.a. n.a. n.a. n.a.

More big technology companies are on deck to report earnings this week, including Meta on Wednesday and Apple on Thursday.

In commodities, oil prices rose with U.S. crude hovering around $102.02 per barrel, while Brent, the global benchmark, closed at $105.32 per barrel.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 75.35 +0.90 +1.21%
BNO UNITED STS BRENT OIL FD LP UNIT 30.61 +0.30 +0.99%

Bitcoin traded around $39,000.

On the economic calendar, the National Association of Realtors is out with its index of pending home sales for March. Economists surveyed by Refinitiv are looking for a decline of 1.6%.

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FOX Business' Ken Martin and The Associated Press contributed to this report.