The Dow Jones and other indexes tried to keep the rally going early Wednesday. Tesla soared after CEO Musk signaled an entry into new markets soon. Facebook parent Meta reports next.
The Philadelphia Semiconductor Index rose 0.9% as most chip stocks rallied. climbed 12.1% after the toymaker reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates. "Investors are turning a bit more cautious despite the fact that the earnings component of the equity market still looks to be holding up okay," said Brian Nick, senior investment strategist at The Macro Institute.
Stocks were under pressure Wednesday as the market got hit by rising Treasury yields. The Dow is on pace to break its longest winning streak in about a month. The tech-heavy Nasdaq Composite was flat.