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Jun 09, 2023

Stocks close higher as all eyes turn to Tesla, Netflix: Stock market news today

Stocks ended the trading day higher on Wednesday as investors digested early earnings from Goldman Sachs (GS) and awaited results from Netflix (NFLX) and Tesla (TSLA) due later. The S&P 500 (^GSPC)

Stocks ended the trading day higher on Wednesday as investors digested early earnings from Goldman Sachs (GS) and awaited results from Netflix (NFLX) and Tesla (TSLA) due later.

The S&P 500 (^GSPC) edged up 0.2%, while the Dow Jones Industrial Average (^DJI) traded up by 0.3%, logging its eighth-consecutive positive day after some regional banks posted earnings. The tech-heavy Nasdaq Composite (^IXIC) was roughly flat.

The second quarter earnings season has gotten off to a solid start, with better-than-feared reports from Wall Street heavyweights helping lift the Dow to its seventh day of gains in a row on Tuesday. On Wednesday, Goldman Sachs kicked off a busy day, reporting that profit plunged significantly after CEO David Solomon forecast a headwind-heavy quarter. Shares dipped more than 1% in the premarket trade.

After the bell, results are due from Netflix and Tesla — the first to report among the tech giants that have driven a recent stock rally. One question is whether the cooldown in inflation has had any impact on their margins, for EV maker Tesla in particular.

Carvana stock (CVNA) surged more than 30% after the company said it has signed a deal to reduce its debt by more than $1.2 billion. The used-car retailer reported a year-over-year fall in second quarter sales but topped estimates in an earnings report issued earlier than planned.

The upbeat tone in earnings is lifting hopes that the US economy will avoid a recession, with optimism already growing after last week's reading showed inflation abating.

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