US stocks retreat from record highs even as mega-cap tech earnings impress
- US stocks were mixed on Wednesday following earnings results from mega-cap tech.
- Microsoft and Alphabet reported third-quarter earnings that beat analyst expectations.
- But Robinhood missed sales estimates and saw a considerable slowdown in trading activity.
US stocks traded mixed on Wednesday, after hitting record highs reached in Tuesday's trading session as mega-cap tech companies reported strong earnings results.
Microsoft and Alphabet rose in Wednesday trades after their third-quarter earnings results easily beat analysts' revenue and profit estimates. Both companies saw strong growth in their cloud units, and forward guidance remained on track for continued gains.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:
- S&P 500: 4,571.59, down 0.07%
- Dow Jones Industrial Average: 35,718.30, down 0.11%
- Nasdaq Composite: 15,268.90, up 0.22%
One earnings report that disappointed investors was Robinhood, which missed sales estimates and saw a considerable slowdown in trading activity relative to prior quarters when meme-stocks and cryptocurrencies were extremely volatile. The stock fell 11% on Wednesday.
Shiba inu coin continued its record run on Wednesday, surging as much as 38% to a record high and continuing its trek to become the 10th most valuable cryptocurrency in the world.
Concerns about rising inflation continue be top of mind for many investors, including Tesla CEO Elon Musk, who noted in a tweet that he is concerned about the short-term rise in prices.
West Texas Intermediate crude oil fell 1.98%, to $82.97 per barrel. Brent crude, oil's international benchmark, dropped 1.78%, to $84.86 per barrel.
Gold jumped as much as 0.15%, to $1,796.10 per ounce.