By Caitlin McCabe, Karen Langley and Dave Sebastian
U.S. stocks edged higher in choppy trading Wednesday, clawing back some of their losses after selling off sharply a day earlier.
It was a day of fluctuations, with the $S&P 500 index(.SPX.US)$ and $Dow Jones Industrial Average(.DJI.US)$ hitting session highs in the early afternoon before paring their gains into the close. The Dow industrials ranged about 588 points between their high and low of the day.
The S&P 500 gained 8.76 points, or 0.2%, to close at 4183.96. The Dow Jones Industrial Average rose 61.75 points, or 0.2%, to 33301.93. The technology-heavy $Nasdaq Composite Index(.IXIC.US)$ slipped 1.81 points, or less than 0.1%, to 12488.93.
Investors said they saw the moves higher as a temporary relief rally after Tuesday's selloff, when the Nasdaq recorded its largest one-day percentage decline since September 2020 and the Dow dropped more than 800 points. Analysts and money managers have been digesting earnings reports and weighing concerns about inflation, the prospect of rapid policy tightening by the Federal Reserve.
Stocks have been so weak so far this month I believe investors are seeing some value in the current pricing.
- said Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute.
Major U.S. stock indexes remain down substantially for the year, with the S&P 500 down 12% and the Nasdaq Composite down 20%. On Tuesday, the Nasdaq closed at its lowest level since December 2020, wiping out the gains it notched in 2021.
The market is in the thick of corporate earnings season. Analysts expect that profits from companies in the S&P 500 grew 7.5% in the first quarter from a year earlier, according to FactSet.
Seema Shah, chief strategist at Principal Global Investors, said she sees the next moves in the stock market as either sideways or down.
Earnings are "supporting the market to some extent, but I don't think it's enough to support it higher," Ms. Shah said. She said her team has moved to a neutral recommendation on their overall equity positions.
The risks are just piling up. We don't want to be picking up pennies in front of the steamroller.
- she said.
Many big companies are reporting earnings this week. Shares of Facebook parent $Meta Platforms(FB.US)$ rose 18% in after-hours trading after the company beat earnings expectations. $Twitter(TWTR.US)$, which this week agreed to sell itself for $44 billion to Elon Musk, is set to report Thursday.
About 80% of S&P 500 companies that have reported earnings so far have surpassed analysts' estimates, FactSet data show. Still, Emily Roland, co-chief investment strategist at John Hancock Investment Management, said investors remain focused on a number of wide-ranging issues weighing on markets.
Markets are mostly focused on some of the macro concerns around aggressive tighter Fed policy, as well as this global growth scare that's playing out.
- she said.
Many of those concerns have driven the dollar to its highest level in more than two years. The dollar tends to strengthen when the global economy sours and when investors expect U.S. growth to outpace the rest of the world. Rising interest rates in the U.S. also typically benefit the greenback as higher rates attract yield-seeking investors to the currency.
The WSJ Dollar Index, which tracks the currency against a basket of others, rose to 95.19, on pace for its highest close since March 2020.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note rose to 2.817% on Wednesday from 2.773% on Tuesday. Recently, investors have sold bonds in anticipation of higher interest rates, and the yield on the benchmark note remains close to its highest level since 2018. Bond yields and prices move inversely.
Natural-gas prices in Europe rose 4.1% after Russia said it would halt gas flows to Poland and Bulgaria over their refusal to pay on Moscow's new terms. Brent crude, the international benchmark for oil prices, rose 0.3% to $105.32 a barrel.
Among individual stocks, $Tesla(TSLA.US)$ shares added $5.09, or 0.6%, to $881.51, recouping some of their losses after tumbling 12% Tuesday, their biggest one-day drop in more than a year. Twitter fell $1.04, or 2.1%, to $48.64, about 10% below the $54.20 per-share-price that Elon Musk and Twitter agreed to in their deal to take the company private.
$Boeing(BA.US)$ shares lost $12.58, or 7.5%, to $154.46. The company posted a $1.24 billion quarterly loss and again pushed back the expected first delivery of its new 777X twin-aisle jet.
$Microsoft(MSFT.US)$ jumped $13.00, or 4.8%, to $283.22 after the company on Tuesday reported higher revenue and profit last quarter as demand for its cloud services and software continued to climb. Shares of Google parent $Alphabet-A(GOOGL.US)$ fell $87.11, or 3.7%, to $2285.89 after the technology behemoth posted slower sales growth amid disruptions in digital advertising spending.
$Chipotle Mexican Grill(CMG.US)$ shares added $37.42, or 2.6%, to $1475.63 after the burrito chain said total revenue increased 16% last quarter amid higher food, beverage and packaging costs -- which the company said was partially offset by menu-price increases.
$Lucid(LCID.US)$ shares gained 43 cents, or 2.4%, to $18.07 after the company late Tuesday said the government of Saudi Arabia had agreed to purchase up to 100,000 vehicles over a 10-year period.
$Robinhood(HOOD.US)$ shares fell 49 cents, or 4.9%, to $9.51 after the online brokerage said it was laying off 9% of its full-time employees. The company is set to report earnings Thursday.
European stocks rose, with the Stoxx Europe 600 closing up 0.7%. Major markets in Asia were mixed, with benchmarks in Japan and South Korea falling more than 1% and Chinese indexes gaining.
The CSI 300 index of the largest stocks listed in Shanghai and Shenzhen rose 2.9%, recouping some of its recent losses. In Hong Kong, the Hang Seng Index was up 0.1%.
Write to Caitlin McCabe at caitlin.mccabe@wsj.com, Karen Langley at karen.langley@wsj.com and Dave Sebastian at dave.sebastian@wsj.com
作者:凱特琳·麥凱布、凱倫·蘭利和戴夫·塞巴斯蒂安
美國股市週三在震盪的交易中小幅走高,收復了前一天大幅拋售後的部分失地。
這是波動的一天,$標準普爾500指數(.SPX.US)$和$道瓊斯工業平均指數(.DJI.US)$午後早些時候觸及盤中高點,收盤時漲幅收窄。道瓊斯工業平均指數在當天的最高點和最低點之間波動了約588點。
標準普爾500指數上漲8.76點,收於4183.96點,漲幅0.2%。道瓊斯工業股票平均價格指數上漲61.75點,至33301.93點,漲幅0.2%。以科技為主的$納斯達克綜合指數(.IXIC.US)$下跌1.81點,至12488.93點,跌幅不到0.1%。
投資者表示,週二納斯達克指數錄得自2020年9月以來的最大單日百分比跌幅,道瓊斯工業平均指數下跌逾800點。分析師和基金經理一直在消化收益報告,權衡對通脹的擔憂,也就是美聯儲迅速收緊政策的前景。
本月到目前為止,股市一直如此疲軟,我相信投資者從當前的定價中看到了一些價值。
--富國銀行投資研究所全球資產配置策略主管特雷西·麥克米利安表示。
美國主要股指今年仍大幅下跌,標準普爾500指數下跌12%,納斯達克綜合指數下跌20%。週二,納斯達克指數收於2020年12月以來的最低水平,抹去了2021年的漲幅。
市場正處於企業財報季的高峯期。根據FactSet的數據,分析師預計標普500指數成份股企業第一季獲利較上年同期增長7.5%。
信安全球投資公司首席策略師西瑪·沙阿表示,她認為股市的下一步走勢要麼是橫盤,要麼是下跌。
沙阿説,收益“在一定程度上支撐了市場,但我認為這不足以支撐市場走高。”她説,她的團隊已經對他們的整體股票頭寸採取了中性的建議。
風險正在不斷堆積。我們不想在壓路機前撿便士。
--她説。
許多大公司本週都將公佈財報。Facebook母公司的股份$Meta平臺(FB.US)$在盤後交易中上漲18%,此前該公司盈利超出預期。$Twitter(TWTR.US)$該公司本週同意以440億美元的價格將自己出售給埃隆·馬斯克,該公司將於週四公佈財報。
FactSet的數據顯示,迄今已公佈業績的標準普爾500指數成份股公司中,約80%的公司業績超出了分析師的預期。不過,John Hancock Investment Management聯席首席投資策略師艾米麗·羅蘭(Emily Roland)表示,投資者仍關注一些令市場承壓的廣泛問題。
市場主要關注圍繞美聯儲積極收緊政策的一些宏觀擔憂,以及正在上演的這場全球增長恐慌。
--她説。
其中許多擔憂推動美元升至兩年多來的最高水平。當全球經濟惡化,投資者預計美國經濟增長速度將超過世界其他地區時,美元往往會走強。美國利率上升通常也有利於美元,因為更高的利率吸引了尋求收益的投資者進入美元。
追蹤美元兌一籃子其他貨幣的華爾街日報美元指數升至 95.19,創下 2020 年 3 月以來的最高收盤價。
在債券市場,指標10年期美債收益率週三升至2.817%,週二為2.773%。最近,投資者因預期利率上升而拋售債券,基準債券的收益率仍接近2018年以來的最高水平。債券收益率和價格走勢相反。
歐洲天然氣價格上漲4.1%,此前俄羅斯表示將停止向波蘭和保加利亞輸送天然氣,原因是這兩個國家拒絕按莫斯科的新條款付款。國際油價基準布倫特原油上漲0.3%,至每桶105.32美元。
個股方面,$特斯拉(TSLA.US)$股價上漲5.09美元,至881.51美元,漲幅0.6%,收復了部分失地。週二,該公司股價暴跌12%,創下一年多來的最大單日跌幅。Twitter股價下跌1.04美元,跌幅2.1%,至48.64美元,較埃隆·馬斯克和Twitter在私有化交易中達成的每股54.20美元的價格低了約10%。
$波音(BA.US)$股價下跌12.58美元,至154.46美元,跌幅7.5%。該公司公佈了12.4億美元的季度虧損,並再次推遲了預期的新777X雙過道噴氣式飛機的首次交付。
$微軟(MSFT.US)$股價上漲13.00美元,漲幅4.8%,至283.22美元,此前該公司週二公佈,由於對其雲服務和軟件的需求繼續攀升,上季度營收和利潤有所上升。谷歌母公司$Alphabet-A(谷歌)$股價下跌87.11美元,跌幅3.7%,至2285.89美元,此前由於數字廣告支出中斷,這家科技巨頭的銷售額增長放緩。
$Chipotle墨西哥燒烤(CMG.US)$股價上漲37.42美元,至1475.63美元,漲幅2.6%,此前這家墨西哥玉米煎餅連鎖店表示,由於食品、飲料和包裝成本上漲,上季度總收入增長16%。該公司表示,菜單價格上漲部分抵消了這一影響。
$Lucid(LCID.US)$股價上漲43美分,漲幅2.4%,至18.07美元,此前該公司週二晚些時候表示,沙特阿拉伯政府已同意在10年內購買至多10萬輛汽車。
$Robinhood(HOOD.US)$在宣佈將裁員9%後,該公司股價下跌49美分,至9.51美元,跌幅4.9%。該公司將於週四公佈財報。
歐洲股市上漲,斯托克歐洲600指數收盤上漲0.7%。亞洲主要市場漲跌互現,日本和韓國的基準股指下跌超過1%,中國股指上漲。
滬深兩市的滬深300指數上漲2.9%,收復了近期的部分失地。在香港,恆生指數上漲了0.1%。
寫信給凱特琳·麥凱布:caitlin.mccabe@wsj.com;凱倫·蘭利:karen.langley@wsj.com;戴維·塞巴斯蒂安:dave.sebastian@wsj.com