© Reuters. By Yasin Ebrahim
Investing.com – The Dow rose higher on Wednesday as investors digested a large amount of mixed company earnings ahead of the Federal Reserve policy meeting likely to show that the central bank will persist with monetary stimulus to support the economy.
The rise of 0.35%, the gain of 1.02% and the sum of 0.89%.
The large amount of corporate earnings continues, with the Dow Boeing (NYSE 🙂 heavyweight component falling 3% after reporting mixed quarterly results. The aircraft maker reported larger-than-expected quarterly losses and warned it would cut production amid weakness in the aviation sector.
Shopify Inc (NYSE 🙂 performed better, with a 9% recovery, as the e-commerce company delivered extraordinary results in the second quarter, with earnings and revenues that exceeded analyst consensus estimates.
Starbucks (NASDAQ 🙂 rose 4% as its profit outlook for the year increased after reporting a lower-than-expected loss in the fiscal third quarter.
General Energy (NYSE 🙂 posted a higher-than-expected quarterly loss as its performance was affected by weakness in its jet engine business, causing its shares to be more than 3% lower.
Tech held onto the gains as investors awaited testimony from Facebook (NASDAQ :), Alphabet (NASDAQ :), Amazon.com (NASDAQ 🙂 and Apple (NASDAQ 🙂 at a congressional hearing on antitrust at Big Tech. The sector also It was helped by the surge in chip stocks, led by a 12% increase in Advanced Micro Devices (NASDAQ 🙂 when the chipmaker increased its revenue guidance and beat quarterly profit estimates.
Monetary policy will catch investors’ attention later in the session as the Fed prepares its policy decision at 2:00 p.m. ET (6:00 p.m. GMT). With many expecting the Federal Reserve to hold firm on rates, President Jerome Powell’s comments will become more important.
Meanwhile, energy was buoyed by rising oil prices after data showing US stocks unexpectedly declined by more than 10 million barrels last week.
In other news, Eastman Kodak Co (NYSE 🙂 rose 330% after the company received an injection of federal cash to produce the ingredients needed for generic drugs as President Donald Trump makes more efforts to lower prices for the drugs.
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