Stocks barely budged Wednesday morning after a mixed bag of pre-market earnings results revealed that the economic recovery is still suffering from weak fundamentals.Key Facts
As of 9:35 a.m., the Dow Jones Industrial Average had edged up .1%, while the S&P 500 and the tech-heavy Nasdaq ticked up .2% and .5%, respectively.and a 30% surge in revenue fueled by the mid-pandemic trading boom. , posting mixed results for the third quarter that beat analysts expectations on profits, which totaled $4.9 billion, but fell behind on revenue expectations; its shares are down nearly 3%.
Wells Fargo shares are down 3% after reporting a 56% drop in quarterly earnings due to decreased interest income in light of historically low interest rates,Global markets were also fairly tepid on Wednesday: As of market open, the United Kingdom's FTSE 100 had fallen .4%, and France's CAC 40 was virtually flat, while Japan's Nikkei 225 ended Wednesday up just .1%.
The consumer price index for September–a key measure of inflation–came in slightly below expectations, rising .19% during the month and leading to an unchanged year-over-year rate of 1.7%.The Covid-19 pandemic threw the economy into a deep recession, and Federal Reserve Vice Chairman Richard Claridathat the U.S. economy needs another year–or maybe more–until it fully recovers.
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