The Dow Jones Industrial Average rose over 170 points in its sixth straight winning session, as weakness in tech stock pulled the S&P 500 Index and Nasdaq Composite slightly lower.
Here's how the market settled on Wednesday:
S&P 500 Index (NYSE: SPY): -0.00% or -0.03 points to 5,187.67
Dow Jones Industrial Average (NYSE: DIA): +0.44% or +172.13 points to 39,056.39
Nasdaq Composite Index (NASDAQ: QQQ): -0.18% or -29.80 points to 16,302.76
On the Earnings Front:
Reddit (NYSE: RDDT) shares popped higher on Wednesday following its first quarterly results since its IPO in March, as the social media company's revenue rose 48% year-over-year and its ad revenue increased 39% annually to $222.7 million. For its second-quarter, Reddit expects revenue between $240 million to $255 million, suggesting a growth rate of about 32% at its midpoint.
"We see this as the beginning of a new chapter as we work towards building the next generation of Reddit," CEO Steve Huffman said in a statement on Tuesday.
Uber (NYSE: UBER) reported better-than-expected first-quarter revenue on Wednesday, but shares came under pressure due to its unexpected net loss widening to $654 million from a quarterly loss of $157 million. Looking ahead, Uber expects second-quarter gross bookings between $38.75 billion and $40.25 billion, as well as adjusted EBITDA of $1.45 billion to $1.53 billion.
"Demand for Uber remains robust across our platform, supported by our improving marketplace experience, the continued shift of consumer spending from goods to services, and the secular trend towards on-demand transportation and delivery," CEO Dara Khosrowshahi said in a statement.
Lyft (NASDAQ: LYFT) also reported better-than-expected first-quarter revenue late Tuesday, and forecasted strong gross booking and core profit outlooks for its current quarter. For second-quarter gross bookings, the ride-hailing company expects the total value of transactions on its platform to range from $4.0 billion to $4.1 billion. Moreover, its adjusted EBITDA forecast for the second-quarter is between $95 million and $100 million.
Shopify (NYSE: SHOP) shares dropped on Wednesday after the e-commerce platform gave weak forward guidance following its better-than-expected first-quarter results. The company expects second-quarter revenue to rise at a high-teens percentage rate year-over-year, representing a slowdown from recent quarters.
CFO Jeff Hoffmeister said consumer spending in the U.S. remains strong during a call with investors, but the company has "factored in headwinds related to [foreign exchange] from the strong U.S. dollar and some softness in European consumer spending in our Q2 outlook."
"We have and expect to continue to outperform the e-commerce growth rates in North America and Europe," Hoffmeister added. "We otherwise assume that the macroeconomic environment remains consistent with current conditions."
In the News:
Intel (NASDAQ: INTC) shares declined Wednesday after the chipmaker released its revised second-quarter guidance after the U.S. Department of Commerce revoked export licenses for China's Huawei. The company now expects its revenue to remain in the original range of $12.5 million to $13.5 billion, but below the midpoint, according to a filing with the U.S Securities and Exchange Commission (SEC).
AstraZeneca (NASDAQ: AZN) on Wednesday announced plans to withdraw its COVID-19 vaccine, Vaxzevria, as new vaccines tailored to specific COVID variants have seen more demand. The vaccine, developed with the University of Oxford, was one of the first shots released to market to protect against COVID-19 infection.
"As multiple, variant COVID-19 vaccines have since been developed there is a surplus of available updated vaccines," the pharmaceutical company said in a statement. "This has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied."
For Thursday:
Market participants are gearing up for more quarterly earnings from companies including Arm Holdings (NASDAQ: ARM) and Airbnb (NASDAQ: ABNB) after market close on Wednesday, as well as Roblox (NASDAQ: RBLX) and Warner Bros. Discovery (NASDAQ: WBD) on Thursday.