Nasdaq gives up gain in final hour of trading as it attempts rebound from 2022 low; European stocks close higher despite fears over gas supplies, growth; Deutsche Bank down 6%  

 

U.S. stocks traded volatilely Wednesday, a day after the Nasdaq Composite posted its worst daily loss since 2020, attempting to rebound from a tech-led sell-off in April. The Nasdaq Composite was flat, after being up 1.7% at its highs and touching a new 2022 low earlier in the session. The Dow Jones Industrial Average rose about 110 points, or 0.3%. The S&P 500 advanced 0.3%. 

 

Microsoft boosted the major averages after strong earnings results. Shares jumped more than 5% after a better-than-expected quarterly report and optimistic forward revenue guidance. 

 

Visa also rose more than 6%, the top gainer on the Dow, after the company’s quarterly results topped analyst estimates on the top and bottom limes. Solar company Enphase Energy surged 5% and was one of the biggest winners on the S&P 500 after an earnings beat. 

 

On the downside, Google parent Alphabet fell about 4% after the tech giant’s earnings results missed consensus estimates. Management warned on the conference call of another potentially weak quarter ahead. 

 

Boeing also saw shares drop more than 9% after an earnings miss, the biggest laggard on the S&P 500 and the Dow. 

 

European stocks closed higher Wednesday despite fears of a slowdown in global economic growth, as traders digested a deluge of earnings. 

The pan-European Stoxx 600 index closed up by 0.6% provisionally with nearly all sectors and major bourses in positive territory. 

 

Credit Suisse shares were almost 3% lower after the bank reported a net loss for the first quarter of 2022 and announced a management reshuffle, as the Swiss lender struggles with litigation costs and the fallout from the Russia-Ukraine war. 

 

Meanwhile, Deutsche Bank shares were down around 6% after it reported a net profit of 1.06 billion euros ($1.13 billion) for the first quarter of the year. Shares of Lloyds Banking Group were also a touch lower despite its first-quarter profit beating expectations. 

Source: CNBC, Investing.com