Stock market today: Wall Street mixed with a big slate of corporate earnings on tap
Wall Street is shifting between small gains and losses as the corporate earnings season kicks into high gear
Wall Street shifted between small gains and losses Wednesday as earnings season kicks into high gear.
Futures for the S&P 500 and for the Dow Jones Industrial Average each inched up less than 0.1% before the opening bell.
Carvana shares jumped more than 24% in premarket trading after the online car dealer said it secured a deal to refinance its debt. It also reported that its profit per car nearly doubled from a year ago and it issued an optimistic forecast.
Tesla, Netflix and United Airlines report quarterly results after the bell.
The financial performance of some of the country's biggest corporations has been surprisingly strong, though the bar was lowered heading into the second quarter with expectations that the slowing economy would squeeze margins and profits.
Whether or not a recession is imminent is still up for debate, but on Tuesday Treasury Secretary Janet Yellen said during an interview with Bloomberg TV in India during a meeting of Group of 20 finance officials that she does not expect a recession, citing the incredibly resilient U.S. job market.
Also, despite elevated prices, Americans continue to spend, and consumer spending is the dominant force in the U.S. economy.
If the Fed does follow through on expectations and raises the federal funds rate next week to a range of 5.25% to 5.50%, it would be at its highest level since 2001. That would be up from its record low of nearly zero early last year.
But inflation has been slowing over the last year, and hopes are high on Wall Street that it will continue cooling enough to get the Fed to stop raising rates and perhaps begin cutting them next
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