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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

US open: Stocks higher as earnings remain in focus

(Sharecast News) - US stocks were in the green early on Wednesday as market participants continued to thumb over corporate earnings. As of 1545 GMT, the Dow Jones Industrial Average was up 0.38% at 38,666.67, while the S&P 500 advanced 0.68% at 4,987.81 and the Nasdaq Composite came out the gate 0.79% firmer at 15,732.83.

The Dow opened 145.31 points higher on Wednesday, building on solid gains recorded in the previous session as results from several mega-cap tech stocks took centre stage.

Earnings remained firmly in focus at the opening bell on Wednesday, with ridesharing giant Uber down despite topping expectations with its quarterly numbers, while Yum Brands was lower after falling short of consensus estimates, and Snap nose dived on the back of a revenue miss and weaker-than-expected guidance.

Disney, PayPal and Arm Holdings will all publish their latest set of quarterly results after the close.

On the macro front, US mortgage applications rose by 3.7% in the week ended 2 February, according to the Mortgage Bankers Association of America, trimming the 7.2% slump seen in the previous week and the fourth increase in the first five weeks of the year. Applications to refinance a home soared by 12.6%, while applications to purchase a new home slipped 0.6%.

Still to come, December consumer credit change data will be released at 2000 GMT, while Federal Reserve governors Michelle Bowman and Adriana Kugler will both deliver speeches throughout the course of the day.

Reporting by Iain Gilbert at Sharecast.com

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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