The major stock indexes were little changed Wednesday as Tesla (TSLA) surged in the aftermath of its earnings report and investors awaited more quarterly updates.
The Nasdaq Composite (^IXIC) finished positive, adding about 0.1%. The S&P 500 (^GSPC) finished narrowly above the flatline while the Dow Jones Industrial Average (^DJI) closed down about 0.1%.
Bond yields ticked higher on Wednesday, which had notably been a recent headwind for stocks. The 10-year Treasury yield (^TNX) rose about six basis points to 4.66%, hovering near its highest level of 2024.
Meanwhile, Tesla shares jumped around 12% after the EV maker’s vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model.
The results from the first “Magnificent Seven” to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered.
After hours, the spotlight shifted to more quarterly reports as Meta (META) shares slid more than 10% after the tech giant reported revenue guidance for the current quarter that underwhelmed investors. Meanwhile, both Ford (F) and Chipotle (CMG) shares popped several percent after topping Wall Street’s forecasts for both revenue and earnings per share.
