Trading on Wall Street was essentially flat early today on mixed corporate earnings reports, according to the Associated Press. Futures for the S&P 500 ticked up 0.1% before the bell, while futures for the Dow Jones industrials fell 0.2%. After hitting a record high on Tuesday, futures for the tech-heavy Nasdaq ticked up another 0.2%.
Alphabet gained 6.2% after hours on another strong earnings report from Google’s parent company. Alphabet earned $26.3 billion during the most recent quarter, a 34% increase from a year ago. The profits would have been even higher if Google wasn’t pouring so much money into building up its AI arsenal.
The semiconductor sector is under pressure and Qorvo lost nearly one-fifth of its value overnight after it lowered its forecast. Qorvo forecast third-quarter revenue of about $900 million, well below analysts’ estimates of $1.07 billion. The company, whose profit guidance also came in below targets, fell more than 18% before the bell Tuesday.
Another chipmaker, Advance Micro Devices, fell more than 8% after issuing a mixed earnings report and a disappointing forecast. Chipmakers were the worst performing sector before the opening bell Wednesday, with Skyworks and Qualcomm falling hard as well.
Reddit soared more than 21% after it surprised investors with a per-share profit in its latest quarter. Wall Street had been expecting a 7 cents-per-share loss, but the online message board platform turned a 16 cents-per-share profit.
After soaring 8.8% on Tuesday, Trump Media & Technology Group gave back 5% overnight, with shares falling to about $49.
U.S. benchmark crude oil gained 81 cents to $68.02 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged 82 cents to $71.55 per barrel.
The dollar slipped to 152.88 Japanese yen from 153.36 yen.
