Stocks were largely higher on Wednesday after a burst of dip-buying pressure helped the S&P 500 and Dow recover some of the losses suffered on Tuesday.
After mainland China shares moved into positive territory intraday, European markets ended mostly in the green. The momentum was carried into the US equities market, which opened sharply higher to see the S&P 500 surge close to 1.6%.
The gains across Wall Street also had the Dow Jones Industrial Average and the Nasdaq Composite jumping more than 1%.
A wave of fresh selling late on in the session however cut most of the gains to leave the S&P 500 with gains of 0.21% at close. The Dow held on +0.19% to end Wednesday’s cash trading session at 33,301.93, while the Nasdaq was nearly flat at -0.01%.
Meta stock soars
Meta Platforms shares surged nearly 19% in aftermarket trading after the Facebook parent company’s earnings beat analyst estimates at earnings per share of $2.72 against the $2.56 expected. Meta’s revenue for the first quarter was however disappointing, coming in at $27.91 billion against the $28.2 billion forecast.
Three other major stocks also rallied post-market. Shares of semiconductor Qualcomm rose 5.85% after earnings topped analyst estimates. The company’s revenue of $11.16 billion at $3.21 per share (adjusted) was better than the expected $10.60 billion at $2.91 per share.
PayPal shares also traded higher after hours, rising 6.25% after revenue beat analyst estimates. Automaker Ford was also higher after-hours, as were shares of Pinterest and toymaker Mattel- which had closed 10% higher and added more than 3% post-market.
Key events on Thursday
Going into the last two trading days of the month, the main concerns in the market remain the US Federal Reserve’s upcoming 50 basis point rate hike, the likely escalation in Europe’s energy crisis, and uncertainty over the direction of the Ukraine war.
Investors are also watching closely China’s handling of rising cases of COVID.
Among the key events to watch on Thursday include the monetary policy decision from the Bank of Japan and US economic data (GDP and weekly jobless claims). Investors will also keep an eye on the European Central Bank (ECB)’s economic bulletin.
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