US benchmark equity indexes experienced an upward movement intraday as traders carefully assessed the latest corporate earnings reports. The Dow Jones Industrial Average climbed by 0.6% to reach 42,977.8 just after midday on Wednesday. Similarly, the S&P 500 saw a modest increase of 0.3%, landing at 5,830.6, while the Nasdaq Composite inched up by 0.1%, achieving a level of 18,330.2.
Notably, among various sectors, utilities emerged as the frontrunners, showcasing significant gains, whereas communication services faced the steepest declines. In company-specific developments, United Airlines ($UAL) stood out with shares surging by 12%, marking it as the top gainer on the S&P 500.
The airline reported third-quarter earnings late Tuesday that exceeded Wall Street’s expectations, citing robust demand for air travel. Morgan Stanley ($MS) followed as the second-best performer on the index, posting an increase of 6.6%. The financial services firm announced stronger-than-anticipated results for the third quarter, driven by heightened asset levels and a surge in investment banking revenues, attributed to increased deal activity and a wave of initial public offerings. Conversely, shares of ASML ($ASML) slid by 6.3% intraday, making it the worst performer on the Nasdaq.
This decline followed a significant 16% drop in the previous session. The Dutch semiconductor equipment manufacturer revised its fiscal 2025 sales outlook downwards, an indication of market pressures. In a statement, Chief Executive Christophe Fouquet highlighted, "While we continue to view artificial intelligence as a key driver of the industry recovery with potential upside, we see other segments recovering more slowly than anticipated." He noted that the recovery is expected to extend well into the following year. Additionally, company results from CSX ($CSX), Kinder Morgan ($KMI), Crown Castle ($CCI), and PPG Industries ($PPG) are anticipated after the closing bell on Wednesday. On the economic front, the US 10-year yield decreased by two basis points, settling at 4.02% intraday, while the two-year rate fell by 1.8 basis points to 3.94%.
Mortgage applications in the US have continued their downward trend for the third consecutive week, driven by increases in rates across all types of loans, according to the Mortgage Bankers Association. Meanwhile, West Texas Intermediate crude oil prices dipped by 0.1%, priced at $70.5 per barrel at midday.
The oil market appears stabilized, supported by production cuts from OPEC and its allies, alongside prevailing uncertainties in the Middle East. D.A. Davidson noted, "An outlook for ample supply next year added downward pressure on prices." In the commodities market, gold rose by 0.5% to reach $2,691.70 per troy ounce, while silver advanced by 0.7%, valued at $31.97 per ounce..