Stock market today: Tech leads stocks lower amid mixed earnings, rate cut worries
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US stocks were mixed on Wednesday, struggling to mount a comeback as investors' interest rate worries coincide with a fresh slate of corporate earnings. The S&P 500 and the Dow Jones Industrial Average were down about 0.1%, while the tech-heavy Nasdaq Composite slipped roughly 0.3%. Stocks have struggled to reprise their early-year rally, buffeted most recently by worries over heightened tensions in the Middle East and uncertainty over the timing and depth of rate cuts. Investors increasingly expect a 'no landing' scenario for the US economy, where inflation doesn't reach the Fed's 2% target, but the US economy keeps growing. United Airlines shares rose 12% after posting better-than-expected quarterly results. Earnings season is under scrutiny as companies that miss estimates for both earnings per share and revenue have seen a negative stock reaction of more than 10% the next day. Tesla shares have fallen 27% year to date, and investors are concerned about the company's outlook for the back half of the year. Zoom and Peloton shares hit fresh lows as people return to the office and gyms. Tesla has had an awful start to 2024, with layoffs, estimate cuts, delayed Cybertruck deliveries, and the scrapping of the promised cheap Tesla.
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