NEW YORK, May 8 — Wall Street stocks were slightly lower early today following mixed earnings as markets stall ahead of major economic indicators due later this month.
“The market is in a wait and see mode,” said Adam Sarhan of 50 Park Investments. “So far earnings have been blah, especially for growth stocks. So, the market’s waiting for the next bullish catalyst.”
About 40 minutes into trading, the Dow Jones Industrial Average was unchanged at 38,879.05.
The broad-based S&P 500 declined 0.2 per cent to 5,177.51, while the tech-rich Nasdaq Composite Index dropped 0.4 per cent to 16,274.18.
Stocks finished little changed on Tuesday after three up days in which markets embraced Federal Reserve comments that further interest rate hikes were unlikely.
Among individual companies, Uber fell 5.4 per cent after reporting earnings, while Rivian Automotive lost 6.4 per cent and Reddit won 2.1 per cent. — AFP
