Stock markets on Wall Street opened higher on Wednesday.
Stock markets in the United States opened higher on Wednesday. Investors are weighing the Fed’s chief Jerome Powellin statements that the central bank needs to see more progress on inflation before starting interest rate cuts.
The S&P500 index, which broadly describes the market, was up 0.5 percent, the technology-driven Nasdaq was up 0.5 percent, and the Dow Jones was up 0.5 percent.
Carrier United Airlines was up 9.5 percent after the stock market opened. Earlier on Wednesday, the company reported losses in the first quarter that were lower than analysts’ expectations. The company’s revenue beat expectations and was about $12.5 billion, but adjusted loss per share was $0.15, compared to analysts’ expectations of $0.57 per share.
Tesla has asked its shareholders to re-vote the CEO Elon Musk’s of the $56 billion stimulus package. The bonus package was previously invalidated by a Delaware state court. In the decision, the billion package was considered disproportionately large and unfair for the owners.
Tesla shares were down 1.0 percent at $155.52 on Wednesday.
Pharmaceutical company Eli Lilly was up 2.8 percent at $767.63. The company previously said that its slimming drug Zepbound has shown potential in tests to treat obstructive sleep apnea.
Local bank US Bancorp was down 3.7 percent. On Wednesday, the bank published its results for the first quarter, which fell short of expectations, the company’s earnings per share remained at $0.78, while analysts expected $0.84. This week, several local banks in the United States will announce their results.
Oil prices were on the decline on Wednesday. The West Texas Intermediate -the price of crude oil was down 1.3 percent at $84.23.