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Stock market today: Dow racks up 8th straight gain as earnings season heats up
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Published Jul 19, 2023 16:16
© Reuters
Investing.com -- The Dow closed higher Wednesday, wrapping up an eighth session of gains as investors continue to digest the latest quarterly results.
The S&P 500 rose 0.2%, the Dow Jones Industrial Average rose 0.3%, or 109, and the Nasdaq was flat.
Goldman Sachs shrugs off earnings miss; Western Alliance lifts sentiment in regional banks
Goldman Sachs Group Inc (NYSE:GS) reported second-quarter earnings that missed Wall Street estimates, weighed down by weakness in its consumer and investment banking businesses. But the stock climbed 1% as chief executive David Solomon touted optimism about signs of life in the investment banking business amid a pick-up in deal activity.
“It definitely feels better over the course of the last six-to-eight weeks than it felt earlier in the year,” Solomon said in an earnings call following the bank's quarterly results.
Western Alliance Bancorporation (NYSE:WAL) rose more than 7% despite reporting mixed-quarterly results as further signs of stability in deposits calm investor jitters about potential outflows from regional banks following the mini banking crisis last summer.
Western Alliance's deposit growth for the quarter came in at $3.5 billion, well ahead of the $2B/quarter guide, which was crucial, UBS said.
Netflix delivers mixed Q2 results, but subscribers beat estimates
Netflix Inc (NASDAQ:NFLX) reported second-quarter results that beat on the bottom line, but revenue missed Wall Street expectations even as the streaming giant added 5.89 million new subscribers in the quarter, well above the 2.07M expected.
Carvana surge on debt cut plan brings more pain to shorts
Carvana (NYSE:CVNA) announced it struck a deal Wednesday with its bondholders that will reduce its debt by more than $1.2B, sending shares of the used-car retailer more than 40% higher, marking a further blow to short sellers of the stock.
With about 50% of its shares shorted, Carvana is one of the most shorted stocks on Wall Street.
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