The Dow Jones Industrial Average gained 344 points or 1% ending higher on Wednesday as gains in technology and consumer discretionary stocks offset losses in financials after JPMorgan Chase started the quarterly earnings season with disappointing results.
On the other side, NASDAQ added 2 percentage points and S&P 500 rose 1%.
Technology stocks were on a tear Wednesday, with Amazon and Apple leading the way as Treasury yields slipped for another day.
NASDAQ:AMZN and NASDAQ:AAPL both rose more than 2%.
The chip stocks were also doing the heavy lifting for the tech sector, led by Nvidia after New Street Research upgraded them to buy and raised their price target ($280) from neutral. Their strong data center business is what makes this stock so attractive in these uncertain times.
Bloomberg data showing investors “staking” chip stocks also boosted sentiment in the sector. The ETFs of the reference sector reached a quota of $6.8 billion, surpassing the $5.2 billion for all of 2021.
The travel sector is also doing well, with the main names in hospitality leading the broader market higher, such as Marriott International and Carnival.
Amazingly, the performance from Delta Air Lines reached $41,02 +6,21%, thanks to the positive forecast for the second quarter and a much smaller than feared first-quarter loss.
Financial sector bucked the trend higher, ending the day marginally lower amid pressure.
Specifically, JPMorgan had a decline of 3%, due to first quarter earnings and bad debt, with the bank reporting “higher probabilities of downside risk.”
Mixed closures from the other giants Citigroup -0,38%, Goldman Sachs +0,68%, Wells Fargo +0,25% and Morgan Stanley +0,24%.
BlackRock slightly in the red (-0,15%) even if quarterly results beat the expectations.
The retail giant, Bed Bath & Beyond (-1.17%) reported a loss for the third quarter of its fiscal year. However it was not as bad compared to last years’ figure thanks in part due rising shipping costs which have been steadily increasing over time.
Energy stocks were boosted after The International Energy Agency forecasted a slight deficit in supplies this year. The reason? Sanctions on Russia are causing them to lose oil production, which will result in lower supply again and potentially send prices higher.
Earlier, weekly data showed that U.S. crude inventories rose by 9.4 million barrels last week, beating expectations (Brent Crude at 109 USD).
The best performers in the energy sector have been APA +3,39%, Devon Energy +2,39%, Hess +1,80%.
A leap forward of Gap jumped 8.4% thanks to attracted attention from interesting investors.
Most traded stocks:
- AMD +2.78 Volumes 77.53M
- Apple +1.63% Volumes 70.08M
- NVIDIA +3.25% Volumes 51.40M
- JPMorgan -3.22% Volumes 30.61M
- Microsoft +1.97% Volumes 21.66M
Top Gainers of US Stocks
- Kaleido Biosciences Inc +75.06%
- Antares +49.20%
- Veru +42.86%
- Sierra Oncology +38.54%
- Insu Acquisition +35.24%
Top Losers of US Stocks
- Ion Geophysical -39.48%
- NanoString Technologies -33.63%
- Polarityte -30.84%
- Crown Electrokinetics Corp. -19.63%
- BOS -19.37%
