Wall Street pointed sharply higher today as anxiety about a softening U.S. economy took a back seat to another trove of mostly strong corporate earnings reports, according to the Associated Press. Futures for the S&P 500 jumped 1%, and futures for the Dow Jones Industrial Average rose 0.8%. Futures for the technology-heavy Nasdaq were up 1.3%.
The Walt Disney Co. said that it had returned to profitability in the third quarter as the entertainment giant’s combined streaming business started making money for the first time. Its shares were essentially unchanged before the bell.
Shopify jumped 18% after the maker of online commerce software posted strong results and raised its guidance.
Shares in CVS Health were largely unchanged after the retail pharmacy and health care giant slashed its 2024 forecast for a third time.
Airbnb tumbled more than 14% after it reported a 15% decline in second quarter profit and told investors that it saw some signs of slowing demand in the U.S.
In other dealings Wednesday, U.S. benchmark crude oil picked up $1.66 to hit $74.86 per barrel. Brent crude, the international standard, added $1.66 to hit $78.14 per barrel.
The dollar rebounded against the yen early today, jumping to 147.01 yen from 144.32 late Tuesday.
