U.S. equity markets reversed early losses Wednesday to bounce back after two days of selling.
|I:DJI||DOW JONES AVERAGES||35756.88||+15.73||+0.04%|
|I:COMP||NASDAQ COMPOSITE INDEX||15235.714526||+9.01||+0.06%|
The Dow Jones Industrial Average rose 316 points or 0.94%, while the S&P 500 and the Nasdaq Composite advanced 0.93% and 1.19%, respectively. The major averages on Tuesday suffered their biggest decline in a month as the number of COVID-19 cases rose worldwide.
|UNP||UNION PACIFIC CORP.||240.72||+0.44||+0.18%|
|UNH||UNITEDHEALTH GROUP, INC.||454.64||+5.15||+1.15%|
Dow transports posted the 25th record close helped by rails CSX and Union Pacific, while UnitedHealth also hit a record high.
In stocks, Netflix Inc. added 3.98 million subscribers in the three months through March, well below the 6.2 million new users that were expected, and warned that it anticipated adding only 1 million subscribers in the current quarter. Both earnings and revenue exceeded expectations.
|VZ||VERIZON COMMUNICATIONS, INC.||53.08||+0.50||+0.95%|
Verizon Communications Inc. lost a larger than expected 178,000 wireless customers last quarter amid increased competition from rivals AT&T Inc. and T-Mobile US Inc.
|BKR||BAKER HUGHES CO.||25.69||+0.53||+2.11%|
Elsewhere in earnings, oilfield services provider Halliburton Co. swung to a quarterly profit as oil prices bounced and drilling demand picked up from the COVID-19 induced slowdown.
Rival Baker Hughes Co. said it was "cautiously optimistic" that the oil industry has moved past the worst of its COVID-19-induced slump. The company reported mixed quarterly results as revenue fell 12% year over year.
|ICE||INTERCONTINENTAL EXCHANGE, INC.||133.72||+0.68||+0.51%|
Meanwhile, exchange operator Nasdaq Inc. beat on both the top and bottom lines as volatile markets and a surge of new listings helped drive a 21% year-over-year increase in net revenue.
Traders will also be monitoring a Senate committee hearing on the treatment of app developers by Apple Inc. and Google.
Apple on Tuesday afternoon announced upgrades to its computers and tablets and a new device for helping find lost items like keys and wallets.
In commodities, West Texas Intermediate crude oil lost $1.32 to $61.35 per barrel and gold jumped $15 to $1,792.30 an ounce.
Overseas markets were mixed.
European markets were higher across the board with France’s CAC 40 up 0.74%, Britain’s FTSE 100 advancing 0.52% and Germany’s DAX 30 edging up 0.44%.
In Asia, Japan’s Nikkei 225 paced the decline, finishing down 2.03%, while Hong Kong’s Hang Seng index dipped 1.76% and China’s Shanghai Composite was unchanged.