U.S. stock markets were mostly higher on Wednesday after a choppy session. Market participants remained concerned regarding U.S.-China trade conflicts and the ongoing government shutdown. However, strong third-quarter earnings results overshadowed those negatives. The Dow ended in negative territory while both the S&P 500 and Nasdaq Composite finished in positive territory.
The Dow Jones Industrial Average (DJI) fell 17.15 points to close at 46,253.31. Notably, 14 components of the 30-stock index ended in positive territory, while 16 finished in negative territory. At the intraday high, the blue-chip index was down 422.88 points and at intraday low, the index was down 243.23 points.
The tech-heavy Nasdaq Composite finished at 22,670.08, rising 0.7% or 148.38 points driven by the strong performance of technology bigwigs. At the intraday low, the tech-laden index was down by 93.91 points and at the intraday high, the index was up 320 points.
The S&P 500 was up 0.4% to finish at 6,671.06. At the intraday low, the benchmark was down 32.20 points and at the intraday high, the index was up 79.81 points. Out of the 11 broad sectors of the broad-market index, seven ended in positive territory, while four were in negative territory. The Real Estate Select Sector SPDR (XLRE), the Utilities Select Sector SPDR (XLU) and the Technology Select Sector SPDR (XLK) were up 1.5%, 1.3% and 1%, respectively.
The fear gauge, the CBOE Volatility Index (VIX) was down 0.8% to 20.64. A total of 21.5 billion shares were traded on Wednesday, higher than the last 20-session average of 20.4 billion. The S&P 500 recorded 34 new 52-week highs and five new 52-week lows. The Nasdaq Composite registered 154 new 52-week highs and 46 new 52-week lows.
Bank of America Corp. BAC came up with quarterly adjusted earnings of $1.06 per share, beating the Zacks Consensus Estimate of $0.94 per share. This compares to adjusted earnings of $0.81 per share a year ago. The company posted quarterly revenues of $28.09 billion, surpassing the Zacks Consensus Estimate by 2.96%. This compares to year-ago revenues of $25.35 billion.
Morgan Stanley MS reported quarterly adjusted earnings of $2.8 per share, beating the Zacks Consensus Estimate of $2.08 per share. This compares to adjusted earnings of $1.88 per share a year ago. The company posted revenues of $18.22 billion, surpassing the Zacks Consensus Estimate by 10.80%. This compares to year-ago revenues of $15.38 billion.
Prologis Inc. PLD reported quarterly adjusted funds flow from operations (FFO) per share of $1.49, beating the Zacks Consensus Estimate of $1.44. This compares favorably with the year-ago quarter’s figure of $1.43.
