U.S. stocks in morning trading on Wednesday, led by tech shares.
U.S. stock rose on Wednesday as investors digested another batch of corporate earnings and tech shares looked to build on their rebound.
The Dow Jones Industrial Average rose 225 points, or 0.6%. The S&P 500 gained nearly 1%, and the Nasdaq Composite jumped 1.1%. Tech stocks outperformed in early trading on Wednesday. E-commerce stocks Etsy and Shopify gained more than 2% each. Facebook-parent Meta rose more than 1% after a dramatic decline following last week's earnings report.
The Nasdaq Composite has gained more than 7% from its recent low on Jan. 27 after falling into correction territory earlier this year. Still, many Wall Street pros are cautious about the near term outlook for tech stocks amid rising interest rates and elevated market volatility. "While we are somewhat less cautious about expensive tech, we continue to encourage investors to be careful about unprofitable, expensive tech stocks with low quality scores," Bernstein's Toni Sacconaghi said in a note to clients. "We continue to have a preference toward lower priced/value tech names, and note that the least expensive quintile of tech has the highest expected 5-year growth outlook in more than a decade, and valuations are attractive relative to history.
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