- Stocks rose on Wednesday, with the Dow extending its winning streak to eight days.
- Investors are hoping for more upbeat earnings reports for the second quarter.
Stocks rose Wednesday as earnings season ramped up, with the Dow Jones Industrial Average notching its eighth consecutive gain.
Blue chips are now in their longest winning streak since September 2019 and are at their highest level since early 2022.
Investors are hoping for more upbeat earnings amid a strong reporting season so far. Of the S&P 500 companies that have released their financials for the second quarter, 80% have reported earnings above analysts' estimates, FactSet data shows.
Markets are eyeing earnings for Big Tech firms next, with Tesla, Netflix, and IBM set to report late Wednesday.
Here's where US indexes stood shortly after the 4 p.m. ET closing bell on Wednesday:
- S&P 500: 4,565.72, up 0.24%
- Dow Jones Industrial Average: 35,061.21, up 0.31% (109.28 points)
- Nasdaq Composite: 14,358.02, up 0.03%
Here's what else is happening today:
- There's one reason to buy Tesla stock — and it has nothing to do with its EV business, according to one strategist.
- Investors pumped $45 billion into stocks last month, the biggest inflow seen in over a year.
- Office vacancy just hit an all-time-high despite more people returning to in-person work.
- Buyers are getting rejected for loans at the fastest rate in five years.
- There are four bearish scenarios that could rock the stock market by year-end, according to DataTrek Research.
- Russia received millions worth in equipment from the US to keep its oil trade afloat, according to a new report.
In commodities, bonds, and crypto:
- Oil fell. West Texas Intermediate crude slipped 0.6% to $75.30 a barrel. Brent, the international benchmark, slipped 0.3% to $79.39 per barrel.
- Gold inched lower 0.03% to $1,978.31 an ounce.
- The 10-year Treasury yield dipped 4 basis points to 3.742%.
- Bitcoin ticked higher 0.63% to $30,064.