- US stocks traded mixed on Wednesday amid continued efforts by the US government to reopen the economy.
- Investors looked past a dismal report from ADP showing that US companies lost 20.2 million jobs in April. The government’s April jobs report is due Friday.
- General Motors exceeded profit forecasts in its quarterly earnings report. Lyft and PayPal are scheduled to report earnings after the market closes.
From Market Insider
US stocks were mixed on Wednesday amid investor optimism spurred by the US government’s efforts to reopen the economy. President Donald Trump on Tuesday reiterated his hope about reopening while acknowledging that it likely means the coronavirus death toll would worsen.
Hopes of renewed economic activity offset a dismal ADP employment report showing that US companies lost 20.2 million jobs in April, slightly better than the median economist estimate of a 20.6 million decline in private payrolls. The government’s April jobs report is due Friday.
“Unfortunately we should get comfortable with unprecedented pressure on the labor market despite pockets of the country reopening,” said Mike Loewengart, the managing director of investment strategy at E-trade.
Here’s where US indexes stood at 3:00 p.m. ET on Wednesday:
- S&P 500: 2,871.00, up 0.09%
- Dow Jones industrial average: 23,868.17, down 0.06% (15 points)
- Nasdaq composite: 8,905.69, up 1.1%
Tech stocks including Microsoft and Amazon rose midday, leading the Nasdaq higher. Investors also continued to look at first-quarter earnings to see how companies have fared during the earliest weeks of the coronavirus pandemic.
General Motors exceeded profit forecasts in its quarterly report, sending shares up roughly 7%.CVS Health gained more than 3% after its earnings release, where it also maintained its full-year earnings-per-share guidance. Lyft and PayPal are scheduled to report earnings after the bell.
Shares of Disney surged nearly 3% Wednesday, reversing losses from Tuesday when the company reported first quarter earnings that disappointed Wall Street.
West Texas Intermediate oil slipped more than 4% to $23.28 per barrel Wednesday, snapping five days of gains that doubled prices.
