The S&P 500 was 0.2% higher in early trading, though the worries about U.S. banks that hit the market a day before remain. The Dow Jones Industrial Average was up 58 points, or 0.2%, at 33,589, as of 9:45 a.m. Eastern time, while the Nasdaq composite was leading the market with a 0.9% gain.
Google's parent company, Alphabet, was drifting following its earnings report. It turned a bigger profit than expected, but it also reported its first back-to-back drops in advertising revenue from a year earlier since it became a publicly traded company in 2004. Its stock was 0.7% higher after erasing an earlier loss.
Visa rose 1.1% after in another signal for consumer spending. It also reported stronger earnings than expected. Wall Street's focus has been on the smaller and mid-sized banks that could suffer debilitating runs of deposits from customers, similar to the ones that toppled Silicon Valley Bank and Signature Bank.
The Federal Reserve has hiked its key overnight interest rate to its highest level since 2007. It's trying to rein in high inflation, but its main tool to do so is a notoriously blunt one. High rates slow the entire economy and hurt prices for investments.
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