Stocks closed little changed on Wednesday as concerns over rising interest rates impacted postivie second-quarter earnings sentiment. The Dow Jones Industrial Average dipped over 40 points, while the S&P 500 closed at a positive flatline and the Nasdaq Composite rose 0.1%.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
On the Earnings Front:
Tesla
Musk said during the company's earnings call that Tesla plans to start production of cheaper models in "early 2025, if not late [2024]," bring the timeline up from its previous forecast to begin in the second half of 2025.
Boeing
"Near term, yes, we are in a tough moment," CEO Dave Calhoun said in a note to employees on Wednesday, quoted by CNBC. "Lower deliveries can be difficult for our customers and for our financials. But safety and quality must and will come above all else. We are absolutely committed to doing everything we can to make certain our regulators, customers, employees, and the flying public are 100 percent confident in Boeing."
Hasbro
"Trends in consumer demand for our product improved through the quarter and we expect to outpace the industry and gain market share in 2024," Mattel CEO Ynon Kreiz said in a statement. "We are executing our strategy to grow our IP-driven toy business and expand our entertainment offering."
In Economic News:
Orders for durable goods rose by a seasonally adjusted 2.6% pace in March, the Commerce Department reported on Wednesday, up from February's downwardly revised gain of 0.7% and increasing for the second month in a row. On an annual basis, long-lasting goods increased 0.3%.
Looking Ahead:
Market participants will react to earnings from Meta Platforms