Stocks on Wall Street were little changed late morning Wednesday, after recovering most of last week’s losses on Monday and Tuesday, with tech stocks up after healthy earnings from Amazon and Google, but the Dow down in the second-busiest week for earnings reports for the quarter.
“Good earnings from the tech giants have set the stage for another positive opening this morning,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities. Will Geisdorf, senior research analyst with Sarasota, Florida-based Allegiant Private Advisors, takes a slightly rosier view. A stretch of bad economic numbers, like December’s jobs report, combined with a market that was a bit over its skis to produce a needed pullback, Geisdorf said in an interview.
Earnings reporting season continues on Wednesday with chipmaker Qualcomm, eBay, and PayPal due after the market closes. “Services account for approximately 70% of US GDP so the updates will be closely watched,” wrote David Madden, market analyst at CMC Markets.
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