The stock market rally showed strength as the Dow Jones, S&P 500, and Nasdaq composite rose on Wednesday morning. While Snap stock crashed, other stocks rallied on earnings, presenting several buying opportunities. Tech giants Walt Disney, Qualcomm, and Arm Holdings were among the companies expected to report earnings after the market closes.
The Dow Jones Industrial Average gained 0.4% while the S&P 500 climbed 0.7% and the Nasdaq rose 0.8%, setting a new two-year high. The Russell 2000 fell initially, but recovered from early lows. Moreover, several stocks, including Chipotle Mexican Grill, Ford Motor, and Hilton Worldwide, showed slight gains following their overnight earnings.
Meanwhile, several companies such as Fortinet, Tenable, and Azek experienced substantial growth following positive earnings reports, flashing buy signals. However, Uber, Intapp, and Freshworks saw slight declines, while Alibaba and ELF Beauty experienced significant retreats despite surpassing earnings expectations. With multiple big-companies reporting earnings after hours and various streaming services emerging, the stock market shows promise of steady growth.