Earnings season continues, and while it’s been mostly bullish for stocks so far, Wednesday was a bit more gloomy ahead of Tesla’s results after the market closed.
Broader indexes slipped, led lower by the Nasdaq Composite Index. The Dow industrials also fell in morning trading, after ending the previous session at a record high.
Of the 78 S&P 500 companies that reported earnings through Tuesday, a higher-than-usual 87% beat analysts’ earnings expectations, according to LSEG data. Alongside Tesla, other companies are expected to report later on Wednesday, including IBM.
Gold prices fell further after suffering their biggest one-day drop in over a decade. Some analysts said this year’s extraordinary recovery made a pullback inevitable.
Crude oil futures rose about 2% following news that India may reduce its purchases of Russian oil and U.S. plans to buy more oil for its strategic reserves.
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