NEW YORK — Stock drifted to a mixed close as Wall Street remains in a lull. The S&P 500 closed little changed Wednesday, after a big three-day winning streak gave way to a tiny gain the prior day. The Dow Jones Industrial Average rose 0.4%, and the Nasdaq composite fell 0.2%. Uber Technologies slumped after reporting worse results for the latest quarter than analysts expected. Shopify tumbled after giving a forecast for slowing revenue growth.
Shopify tumbled 19.5% despite reporting better profit and revenue for the latest quarter than analysts expected. The company, which helps businesses sell things online, said its revenue growth would likely slow this quarter and that it would likely make less profit off each $1 in revenue. They helped to offset Lyft, which revved 4.3% higher after topping expectations for profit and revenue. It said growth was particularly strong for early-morning, commute and weekend-evening trips.
Most companies have been reporting stronger profits for the start of the year than analysts expected. That and newly revived hopes for coming cuts to interest rates by the Federal Reserve have helped the U.S. stock market to recover from its rough April.
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