- U.S. stocks hovered below their all-time highs on Wednesday, as investors digested a mixed batch of earnings reports and losses in energy stocks limited gains on the indexes.
The tech-heavy Nasdaq hit an all-time high of 8,139.55 earlier, helped by eBay Inc’s upbeat earnings and a rally in shares of chipmakers. Profits of S&P 500 companies are expected to decline 1.1% for the first quarter, still a large improvement from the 2.3% drop estimated at the start of April. Nearly 78% of the 129 companies that have reported so far have surpassed earnings estimates, according to Refinitiv data.
AT&T Inc declined 4.4% after the second-largest U.S. wireless carrier reported quarterly revenue below Wall Street estimates.
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