WASHINGTON (dpa-AFX) - After an early move to the upside, stocks have fluctuated over the course of the trading session on Wednesday but have largely maintained a positive bias. The tech-heavy Nasdaq has shown a notable advance after ending the previous session roughly flat.
Currently, the Nasdaq is just off its highs of the session, up 202.25 points or 0.8 percent at 26,630.07. The S&P 500 is also up 22.33 points or 0.3 percent at 7,734.90, while the narrower Dow is nearly unchanged, down just 2.32 points or less than a tenth of a percent at 52,493.56.
The advance by the Nasdaq comes amid strength in the tech sector amid a positive reaction to some of the latest earnings news.
Shares of SpaceX (SPCX) have surged by 9.5 percent after the Elon Musk-led rocket company reported better-than-expected third quarter earnings as revenues skyrocketed.
Musk also confirmed SpaceX and Tesla (TSLA) have formed independent special committees to explore a potential merger. Shares of Tesla have also jumped by 3.2 percent.
Data center server company Super Micro Computer (SMCI) is also soaring by 10.8 percent after boosting its fiscal first-quarter revenue outlook.
On the other hand, shares of Netflix (NFLX) are tumbling by 4.6 percent after the streaming giant reported better than expected third quarter earnings but provided disappointing revenue guidance.
Telecom giant AT&T (T) is also plunging by 6.1 percent despite reporting third quarter results that beat expectations on both the top and bottom lines.
Some traders may be reluctant to make more significant moves ahead of the release of quarterly results from Tesla, Meta Platforms (META) and IBM Corp. (IBM) after the close of today's trading.
Sector News
Computer hardware stocks are seeing substantial strength on the Super Micro Computer news, with the NYSE Arca Computer Hardware Index surging by 2.4 percent.
Significant strength is also visible among oil service stocks, as reflected by the 1.7 percent gain being posted by the Philadelphia Oil Service Index.
Airline, semiconductor and networking stocks are also seeing notable strength, while the steep drop by AT&T is weighing on the telecom sector.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Hong Kong's Hang Seng Index slid by 0.9 percent.
Meanwhile, European stocks have moved mostly higher on the day. While the German DAX Index is up by 1.2 percent and the French CAC 40 Index is up by 0.9 percent, the U.K.'s FTSE 100 Index is posting a more modest gain, up 0.2 percent.
In the bond market, treasuries have shown a lack of direction following the upward move seen in the previous session. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is down less than a basis point at 5.115 percent.
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