US stocks rise on small-cap rally and solid earnings
The Russell 2000, which tracks small caps, gained 1.6% on Wednesday. It outperformed the broader market and the mega caps: The S&P 500 was up 0.5%, and the tech-heavy Nasdaq 100 added a modest 0.1%. Invesco S&P 500 Equal Weight ETF, an equal-weighted ETF of the S&P 500, beat out the SPDR S&P 500 Trust.
The blue-chip Dow Jones rose more than 300 points to top 43,000.
Most sectors advanced. Utilities stocks led all major S&P 500 sectors by adding 2%. The financial sector ETF was up 1.2%, as Morgan Stanley climbed 6.5%, joining its banking peers that have posted earnings reports that have driven financial stocks higher.
A slew of earnings also boosted individual stocks. United Airlines soared a whopping 12.4% after reporting better-than-expected earnings and a strong forecast. That came after Delta Air Lines missed Wall Street expectations last week and blamed the CrowdStrike tech fiasco for its declining revenue.
The technology sector rose broadly, but the market seems to be nervous about big tech, as megacap stocks slid. Meta lost 1.6% and Apple fell 0.9%. Nvidia, however, rebounded from Tuesday’s news on chip sale caps and the sell-off of ASML, finishing the day up 3.1%.
Meanwhile, consumer staples and communication services fell. Yields on the 10-year Treasury slid two basis points. Crude oil futures declined for the fourth straight session.
