Major U.S. equities indexes were little changed in the midweek session, with the uncertain path toward lower interest rates weighing on sentiment as investors digest a slew of earnings reports from some of the biggest names in the stock market.
After trading in negative territory for much of the day, the S&P 500 recovered in the afternoon to end with a minimal gain of less than 0.1%. The Nasdaq ticked 0.1% higher, while the Dow lost 0.1%.
Tesla (TSLA) became the first of the Magnificent 7 companies to release quarterly results with its report Tuesday afternoon. Although first-quarter sales and profits fell shy of expectations, Tesla shares soared 12.1%, marking Wednesday’s top performance in the S&P 500. CEO Elon Musk said the carmaker could begin producing more affordable electric vehicles (EVs) sooner than expected. Musk also highlighted advancements in artificial intelligence (AI) infrastructure and said another major carmaker is in talks to license Tesla’s driver assistance system.
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