US stocks drifted to a mixed finish on Wednesday.
- The S&P 500 rose 1.08 points, or less than 0.1%, to 5,071.63.
- The Dow Jones Industrial Average fell 42.77 points, or 0.1%, to 38,460.92.
- The Nasdaq composite rose 16.11 points, or 0.1%, to 15,712.75.
Tesla cruised 12.1% higher after saying the night before that it would
accelerate production of new, more affordable vehicles, which investors have been hoping will kickstart growth. The announcement helped investors look past the 55% drop in profit that Tesla reported.
Treasury yields were higher in the bond market, raising pressure on stocks, following the latest report on the US economy to come in hotter than forecast. A string of recent such reports has diminished hopes that the Federal Reserve may deliver the three cuts to interest rates this year that it had earlier signaled. Wednesday's report said that orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. Wall Street is in an awkward place where it wants the economy to avoid a painful recession, but not to be so hot that it keeps upward pressure on inflation and convinces the Fed not to cut rates, the AP reports.
Railroad operator Norfolk Southern fell 3.6% after reporting weaker results for the latest quarter than forecast. Boeing lost 2.9% despite reporting results that weren't as bad as analysts feared. Teledyne Technologies tumbled 9.8% for one of the market's largest losses after the seller of digital imaging sensors, cameras and other equipment reported weaker profit and revenue than forecast. On the winning side, Hasbro jumped 11.9% after reporting better profit and revenue for the latest quarter than analysts expected. Texas Instruments climbed 5.6% after reporting stronger profit and revenue for the latest quarter than forecast. Boston Scientific was another one of the strongest forces pushing upward on the S&P 500. It rose 5.7% after topping forecasts for profit and revenue. (More stock market stories.)
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