On Wednesday, the United States stock markets opened higher as investors assessed comments from Fed chief Jerome Powell about the requirement for more progress on inflation before interest rate cuts. The S&P 500, Nasdaq, and Dow Jones all experienced gains in the morning.
United Airlines reported lower-than-expected losses in the first quarter, leading to a significant increase in 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. Despite this setback, Tesla’s shares were down only slightly on Wednesday.
Eli Lilly saw an increase in stock value after positive results for its slimming drug, while US Bancorp experienced a decrease in stock value after falling short of first quarter expectations in their earnings report. Oil prices also declined on Wednesday as the price of crude oil fell. Several local banks in the United States are expected to announce their first quarter results this week.