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 $9.51 after the online brokerage said it was laying off 9% of its full-time employees. The company is set to report earnings Thursday.
European stocks rose, with the Stoxx Europe 600 closing up 0.7%. Major markets in Asia were mixed, with benchmarks in Japan and South Korea falling more than 1% and Chinese indexes gaining.
The CSI 300 index of the largest stocks listed in Shanghai and Shenzhen rose 2.9%, recouping some of its recent losses. In Hong Kong, the Hang Seng Index was up 0.1%.
Write to Caitlin McCabe at caitlin.mccabe@wsj.com, Karen Langley at karen.langley@wsj.com and Dave Sebastian at dave.sebastian@wsj.com
作者:凯特琳·麦凯布、凯伦·兰利和戴夫·塞巴斯蒂安
美国股市周三在震荡的交易中小幅走高,收复了前一天大幅抛售后的部分失地。
这是波动的一天,$标准普尔500指数(.SPX.US)$和$道琼斯工业平均指数(.DJI.US)$午后早些时候触及盘中高点,收盘时涨幅收窄。道琼斯工业平均指数在当天的最高点和最低点之间波动了约588点。
标准普尔500指数上涨8.76点,收于4183.96点,涨幅0.2%。道琼斯工业股票平均价格指数上涨61.75点,至33301.93点,涨幅0.2%。以科技为主的$纳斯达克综合指数(.IXIC.US)$下跌1.81点,至12488.93点,跌幅不到0.1%。
投资者表示,周二纳斯达克指数录得自2020年9月以来的最大单日百分比跌幅,道琼斯工业平均指数下跌逾800点。分析师和基金经理一直在消化收益报告,权衡对通胀的担忧,也就是美联储迅速收紧政策的前景。
本月到目前为止,股市一直如此疲软,我相信投资者从当前的定价中看到了一些价值。
--富国银行投资研究所全球资产配置策略主管特雷西·麦克米利安表示。
美国主要股指今年仍大幅下跌,标准普尔500指数下跌12%,纳斯达克综合指数下跌20%。周二,纳斯达克指数收于2020年12月以来的最低水平,抹去了2021年的涨幅。
市场正处于企业财报季的高峰期。根据FactSet的数据,分析师预计标普500指数成份股企业第一季获利较上年同期增长7.5%。
信安全球投资公司首席策略师西玛·沙阿表示,她认为股市的下一步走势要么是横盘,要么是下跌。
沙阿说,收益“在一定程度上支撑了市场,但我认为这不足以支撑市场走高。”她说,她的团队已经对他们的整体股票头寸采取了中性的建议。
风险正在不断堆积。我们不想在压路机前捡便士。
--她说。
许多大公司本周都将公布财报。Facebook母公司的股份$Meta平台(FB.US)$在盘后交易中上涨18%,此前该公司盈利超出预期。$Twitter(TWTR.US)$该公司本周同意以440亿美元的价格将自己出售给埃隆·马斯克,该公司将于周四公布财报。
FactSet的数据显示,迄今已公布业绩的标准普尔500指数成份股公司中,约80%的公司业绩超出了分析师的预期。不过,John Hancock Investment Management联席首席投资策略师艾米丽·罗兰(Emily Roland)表示,投资者仍关注一些令市场承压的广泛问题。
市场主要关注围绕美联储积极收紧政策的一些宏观担忧,以及正在上演的这场全球增长恐慌。
--她说。
其中许多担忧推动美元升至两年多来的最高水平。当全球经济恶化,投资者预计美国经济增长速度将超过世界其他地区时,美元往往会走强。美国利率上升通常也有利于美元,因为更高的利率吸引了寻求收益的投资者进入美元。
追踪美元兑一篮子其他货币的华尔街日报美元指数升至 95.19,创下 2020 年 3 月以来的最高收盘价。
在债券市场,10年期美债收益率周三升至2.817%,周二为2.773%。最近,投资者因预期利率上升而抛售债券,基准债券的收益率仍接近2018年以来的最高水平。债券收益率和价格走势相反。
欧洲天然气价格上涨4.1%,此前俄罗斯表示将停止向波兰和保加利亚输送天然气,原因是这两个国家拒绝按莫斯科的新条款付款。国际油价基准布伦特原油上涨0.3%,至每桶105.32美元。
个股方面,$特斯拉(TSLA.US)$股价上涨5.09美元,至881.51美元,涨幅0.6%,收复了部分失地。周二,该公司股价暴跌12%,创下一年多来的最大单日跌幅。Twitter股价下跌1.04美元,跌幅2.1%,至48.64美元,较埃隆·马斯克和Twitter在私有化交易中达成的每股54.20美元的价格低了约10%。
$波音(BA.US)$该公司股价下跌12.58美元,至154.46美元,跌幅7.5%。该公司公布了12.4亿美元的季度亏损,并再次推迟了预期的新777X双过道喷气式飞机的首次交付。
$微软(MSFT.US)$该公司股价上涨13.00美元,涨幅4.8%,至283.22美元,此前该公司周二公布,由于对其云服务和软件的需求继续攀升,上季度营收和利润有所上升。谷歌母公司$Alphabet-A(谷歌)$股价下跌87.11美元,跌幅3.7%,至2285.89美元,此前由于数字广告支出中断,这家科技巨头的销售额增长放缓。
$Chipotle墨西哥烧烤(CMG.US)$股价上涨37.42美元,至1475.63美元,涨幅2.6%,此前这家墨西哥玉米煎饼连锁店表示,由于食品、饮料和包装成本上涨,上季度总收入增长16%。该公司表示,菜单价格上涨部分抵消了这一影响。
$Lucid(LCID.US)$股价上涨43美分,涨幅2.4%,至18.07美元,此前该公司周二晚些时候表示,沙特阿拉伯政府已同意在10年内购买至多10万辆汽车。
$Robinhood(HOOD.US)$在宣布将裁员9%后,公司股价下跌49美分,至9.51美元,跌幅4.9%。该公司将于周四公布财报。
欧洲股市上涨,斯托克欧洲600指数收盘上涨0.7%。亚洲主要市场涨跌互现,日本和韩国的基准股指下跌超过1%,中国股指上涨。
沪深两市的沪深300指数上涨2.9%,收复了近期的部分失地。在香港,恒生指数上涨了0.1%。
写信给凯特琳·麦凯布:caitlin.mccabe@wsj.com;凯伦·兰利:karen.langley@wsj.com;戴维·塞巴斯蒂安:dave.sebastian@wsj.com