The S&P 500 and Nasdaq Composite indexes opened higher Wednesday for the third day in a row, suggesting that the market rally may continue. The Dow Jones Industrial Average ticked lower.
On Tuesday, all three major U.S. indexes closed higher, with the Dow Jones rising 0.7 percent, the S&P 500 up 1.2 percent and the tech-dominated Nasdaq gaining 1.6 percent.
Tesla shares shot up more than 10 percent as trading kicked off. On Tuesday, the world's most valuable carmaker reported a 55 percent Q1 profit plunge, though CEO Elon Musk said the EV manufacturer would speed up production of more affordable vehicles.
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Tesla was the first of the so-called Magnificent Seven companies to report earnings this week. All eyes are on Facebook and Instagram parent Meta Platforms now, which will report later Wednesday. Mark Zuckerberg's technology behemoth has seen its stock rise nearly 45 percent year-to-date amid a growing frenzy for stocks related to artificial intelligence. Meta recently unveiled the latest version of its large language model. Fellow Big Tech companies Microsoft and Google parent Alphabet report later in the week.
Boeing stock was up more than 2 percent after the aircraft manufacturer reported better-than-expected results before the bell. It has been a rocky few months for the company, following a midair incident in an Alaska Airlines plane, whistleblowers voicing safety concerns, and the CEO announcing he would step down.
AT&T shares were also up more than 2 percent early on Wednesday on the back of strong results, which included increased mobility service and consumer broadband revenues.
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Gold and oil prices were down Wednesday, having slipped since geopolitical tensions last week have since eased.
After closing at $32.50 on Tuesday and adding about $1.2 billion to former President Donald Trump's fortune, Truth Social was down nearly 3 percent just after markets opened.
Earnings highlights for the rest of the week:
- Thursday: Microsoft, Google parent Alphabet, AstraZeneca, Intel
- Friday: Exxon Mobil, Chevron
Investors are also watching a raft of economic data out this week that will give them clues as to the health and direction of the economy. On Tuesday, the latest housing data showed a surge in new homes for sale in March. And on Thursday, the latest weekly jobless claims will be published.
Update 4/24/24, 9:45 a.m. ET: This article was updated with additional information.
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