Investing.com – U.S. stocks traded mostly Wednesday as investors digested mixed data on corporate earnings and ongoing comments from Federal Reserve officials that could provide clues about where interest rates will move next.
At 13:42 ET (1842 GMT), the price was up 82 points, or 0.2%, trading 0.1% lower and down 0.3%.
Uber is failing at the earning stage, but Reddit surprises upside down
Uber Technologies (NYSE:) shares fell 9% after the ride-hailing company posted a surprise quarterly loss as total bookings of $37.7 billion for the quarter missed estimates at $37.93 billion.
But the stock’s decline is likely a buying opportunity, Wedbush Securities said in a note, as the “core business remains healthy” and remains a “dominant global mobility and delivery platform with multiple long-term growth drivers.”
Rival Elevator (NASDAQ:) performed much better, rising more than 5% after forecasting better-than-expected gross orders and underlying earnings for the current quarter.
Reddit (NYSE:) shares rose 2% after the social media platform reported better-than-expected first-quarter earnings and an upbeat second-quarter outlook in the company’s first earnings season as a public company.
Online lending platform Upstart (NASDAQ:) fell 8% after giving weak guidance for the current quarter.
Electric vehicle manufacturer Rivian Automotive (NASDAQ:) cut losses and traded about 2% lower after a larger-than-expected first-quarter loss continued to raise concerns about weaker demand for electric vehicles.
Treasury yields rose after a lackluster 10-year Treasury auction.
Treasury yields rose after an auction of 10-year Treasury notes on Wednesday produced lower-than-expected yields amid uncertainty about the timing of upcoming rate cuts.
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The bonds sold at 4.483%, just below the pre-sale or issue rate of 4.483%, signaling meager investor appetite for the lower end of the yield curve, which typically reflects rates with maturities of 10 to two years.
The results come as Fed officials continue to signal that rates will remain stable in the short term, with new Fed speakers set to speak this week.
The Vice Chairman, Governor and President of the Boston Fed are scheduled to speak.
Energy stocks lose gains[ioteoil prices slip
Energy stocks gave up earlier gains even as oil prices from rebound from session lows, shrugging off data flagging ahead of the U.S. summer driving season.
APA Corporation (NASDAQ:), Phillips 66 (NYSE:), Coterra Energy Inc (NYSE:) were among the biggest energy gainers on the day.
(Peter Nurse, Ambar Warrick contributed to this article.)