WASHINGTON (dpa-AFX) - Stocks have moved mostly higher over the course of the trading day on Wednesday, regaining ground following the pullback seen in the previous session.
Currently, the tech-heavy Nasdaq is up 114.58 points or 0.6 percent at 21,031.14, the S&P 500 is up 26.56 points or 0.4 percent at 6,325.75 and the Dow is up 46.89 points or 0.1 percent at 44,158.63.
The strength on Wall Street partly reflects a positive reaction to some of the latest earnings news, with shares of McDonald's (MCD) surging by 3.0 percent.
The jump by McDonald's comes after the fast food giant reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
Shares of Shopify (SHOP) have also spiked by 19.3 percent after the e-commerce platform reported better than expected second quarter revenues and provided upbeat third quarter guidance.
On the other hand, shares of Super Micro Computer (SMCI) have plunged by 20.1 percent after the server maker reported weaker than expected fiscal fourth quarter results and provided disappointing first quarter guidance.
Social media platform Snap (SNAP) has also tumbled by 19.1 percent after reporting second quarter revenues that missed analyst estimates.
Shares of Disney (DIS) have also moved to the downside after the entertainment giant reported mixed fiscal third quarter results.
Overall trading activity remains somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Sector News
Networking stocks are turning in some of the market's best performances on the day, with the NYSE Arca Networking Index surging by 4.4 percent to a record intraday high.
Arista Networks (ANET) has helped lead the sector higher, soaring by 16.5 percent after reporting better than expected second quarter results and boosting its guidance.
Significant strength is also visible among retail stocks, as reflected by the 1.5 percent gain being posted by the Dow Jones U.S. Retail Index. Gold and energy stocks are also turning in strong performances on the day.
Meanwhile, with the steep drop by Super Micro Computer weighing on the sector, computer hardware stocks have shown a significant move to the downside, dragging the NYSE Arca Computer Hardware Index down by 2.2 percent.
Pharmaceutical, biotechnology and semiconductor stocks are also seeing notable strength, partly offsetting the strength in the aforementioned sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index climbed by 0.6 percent, while China's Shanghai Composite Index rose by 0.5 percent.
The major European markets have also moved to the upside on the day. The German DAX Index, the French CAC 40 Index and the U.K.'s FTSE 100 Index are all up by 0.2 percent.
In the bond market, treasuries have moved moderately lower after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.2 basis points at 4.218 percent.
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