U.S. stocks rose Wednesday morning on opening bell, despite tech shares lagging, as investors tune in to earnings season for signs of hope amid the struggling retail sector that has been wrecked by the coronavirus pandemic and recession.
The Dow Jones industrial average opened up 165 points, or 0.6 percent. The Standard & Poor’s 500 index ticked up about 5 points, or 0.1 percent, while the tech-heavy Nasdaq composite was up about 22 points, or about 0.2 percent.
Wednesday’s trading so far has appeared to build on Tuesday’s gains, which saw a comeback from big tech and a rebounded S&P 500. Shares of Nike were trading up nearly 10 percent shortly after market open after the athletic apparel company’s quarterly earnings released late Tuesday were better than expected, driven by digital sales.
Tech shares showed mixed results Wednesday morning. Tesla was trading down almost 6.6 percent; Amazon was down about 1.6 percent; Netflix was down 1 percent; and Alphabet was down almost 0.8 percent. (Amazon founder Jeff Bezos also owns The Washington Post.) Facebook, however, was up 0.4 percent.