On Wednesday, the stock markets in the United States opened higher as investors mulled over comments from Fed chief Jerome Powell regarding the need for more progress on inflation before interest rate cuts. The S&P500 index, Nasdaq, and Dow Jones all saw gains in the morning.
Carrier United Airlines reported lower-than-expected losses in the first quarter, leading to a significant increase in its stock value. Meanwhile, Tesla requested shareholders to re-vote on CEO Elon Musk’s $56 billion stimulus package after it was invalidated by a Delaware state court. The company’s shares were down on Wednesday due to this news.
On the other hand, pharmaceutical company Eli Lilly saw an increase in stock value after positive results for its slimming drug. Local bank US Bancorp, however, saw a decrease in stock value after falling short of first quarter expectations in their earnings report.
Oil prices were also on the decline on Wednesday, with the price of crude oil falling. Several local banks in the United States are expected to announce their first quarter results this week.