The S&P 500 closed flat Wednesday, with the Dow Jones Industrial Average rising by 0.4% (172 points) while the NASDAQ Composite fell by 0.2%.
Uber Technologies (NYSE:UBER) stock plummeted over 5% after reporting a surprise quarterly loss, with gross bookings falling short of estimates by 0.63%. However, Wedbush Securities remains optimistic, citing Uber's solid underlying business. Rival Lyft (NASDAQ:LYFT) saw a 7% increase after forecasting higher-than-expected gross bookings and core profit for the current quarter.
Reddit (NYSE:RDDT) gained 4% after exceeding first-quarter earnings expectations and providing a positive outlook for the second quarter in its inaugural earnings report as a publicly traded company. Conversely, online lending platform Upstart (NASDAQ:UPST) dropped nearly 6% following weak guidance for the current quarter.
Electric vehicle maker Rivian Automotive (NASDAQ:RIVN) managed to end slightly higher despite reporting a larger-than-expected first-quarter loss, sparking concerns about EV demand.
Treasury yields rose after a lukewarm 10-year Treasury auction, with notes awarded at 4.483%, slightly below the pre-sale rate of 4.473%, indicating modest investor appetite for the yield curve's mid-section.
Energy stocks slipped despite oil prices rebounding, with APA Corporation (NASDAQ:APA), Phillips 66 (NYSE:PSX), and Coterra Energy Inc (NYSE:CTRA) among the day's biggest gainers.
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