The benchmark S&P 500 index hovered near record levels on Wednesday as semiconductor stocks rallied on reassuring comments from Texas Instruments on global chip demand and blunted the impact of weak earnings from bellwethers Boeing and Caterpillar.
Caterpillar Inc's earnings on Wednesday missed Wall Street's estimates, hurt by a combination of weak sales in China and higher production and restructuring costs, sending its shares lower.
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The Nasdaq hit a record high on Wednesday and the S&P 500 was close behind as reassuring comments from Texas Instruments about global chip demand blunted the impact of weak earnings reports from Boeing and Caterpillar.
Boeing Co posted its largest-ever quarterly loss on Wednesday due to the spiraling cost of resolving issues with its 737 MAX, warning it may have to shut production of the grounded jet completely if it runs into new hurdles with global regulators getting its best-selling aircraft back in the air.
U.S. stocks were mixed on Wednesday as a series of disappointing second-quarter results curbed investor optimism over a new round of U.S.-China trade talks next week, while the euro dropped to a two-month low, pressured by soft economic data.
Caterpillar Inc's earnings on Wednesday missed Wall Street's estimates, hurt by a combination of weak sales in China and higher production and restructuring costs, sending its shares lower.
Wall Street analysts remain bullish heading into Facebook's earnings report on Wednesday after the close.
SoftBank Corp is expected to announce a $40 billion investment in its new technology fund, the Wall Street Journal reported on Wednesday.
Oil prices fell 1% on Wednesday, failing to draw lasting support from a large decrease in U.S. crude stockpiles as investors worried about global oil demand.
Top U.S. and Chinese negotiators will meet face-to-face next week for the first time since Presidents Donald Trump and Xi Jinping agreed to revive talks to end their year-long trade war.
Ford Motor Co on Wednesday reported a lower-than-expected profit, weighed down by charges to restructure its units in Europe and South America, and the automaker gave a full-year earnings forecast that fell short of analyst expectations.
The S&P 500 and Nasdaq hit record highs on Wednesday after reassuring comments from Texas Instruments about global chip demand blunted the impact of weak earnings reports from Boeing and Caterpillar.