The technology giants also mostly headed upwards.
Following the announcement of higher-than-expected inflation numbers in the United States yesterday, Wall Street’s stock indexes felt the pressure, closing on Tuesday in a distinct decline.
However, with the dawn of Wednesday’s trading, a shift in momentum was observed, with the stock indices charting a clear upward trajectory. Notably, the bellwether Dow Jones index was up by 0.1 percent, the comprehensive S&P 500 index was up 0.5 percent, and the tech-centric Nasdaq index was up by 0.7 percent.
Despite the overall market’s positive performance on Wednesday morning, the accommodation service platform Airbnb experienced a dip. Although the company unveiled a result that surpassed analysts’ preliminary expectations, it projected a downturn in demand in the first quarter of the year compared to the same period last year, causing the stock to decrease by 4.1 percent.
On the brighter side, ride service Uber witnessed a surge in its stock, rising more than nine percent. This was following the company’s announcement of a commendable result for the last quarter of the year and its plan to repurchase its own shares from the market, amounting to seven billion dollars.
Semiconductor manufacturer Nvidia maintained its positive performance, increasing by 2.3 percent in the first half hour. This upward trend is largely attributed to recent upgrades in the company’s target price by numerous analysts. Remarkably, Nvidia’s market value surpassed Amazon’s yesterday, currently standing at 1.822 thousand billion dollars, while Amazon’s is at 1.759 thousand billion dollars.
Online shopping behemoth Amazon’s shares were also on the rise, up 0.5 percent.
In the broader tech landscape, Microsoft shares remained steady, near yesterday’s closing numbers. Social media giant Meta saw its shares climbing two percent, while tech leader Apple’s shares saw a marginal decline of 0.7 percent.
