Major stock indexes wavered on Wednesday, with the Dow closing slightly in the green to mark a six-day winning streak for the blue-chip average — its longest of the year. The S&P closed flat while Nasdaq ended fractionally lower.
Read more: Compare the Best Growth Stocks
Earnings once again drove the biggest moves of the day, with Uber falling 6% after the ride-hail giant posted an unexpected quarterly loss. Uber's results came a day after its much smaller rival Lyft reported stronger-than-expected earnings that showed quarterly gross bookings coming in at $3.7 billion and sent shares up 7%. Uber reported gross bookings for the quarter of $37 billion, slightly below Wall Street estimates but, notably, showed roughly the same rate of growth as Lyft.
Shares of Shopify also took a tumble after the Canadian e-commerce company gave a downbeat outlook for the current quarter, even as earnings for the prior quarter came in above expectations. Shares fell nearly 16% on the day and are down 15% on the year.
In its debut earnings release as a public company, Reddit reported revenues of $243 million, far exceeding analyst expectations and sending the stock up 4%.
Airbnb, Robinhood and AMC Entertainment were among the biggest names scheduled to report after Wednesday's bell as the earnings season starts to wind down.
Earnings Highlights To Watch This Week
- Thursday: Honda, ING, Warner Bros. Discovery, Warner Music Group
- Friday: Canadian energy multinational Enbridge, Soho House
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Carlo Versano is a Newsweek editor based in New York, covering live and breaking news. He is an Emmy-winning journalist ... Read more
