The Dow Jones Industrial Average edged higher Wednesday while the Nasdaq Composite declined as investors reduced exposure to technology stocks ahead of quarterly earnings from Tesla and Alphabet.
The Dow gained about 0.1% during afternoon trading, while the Nasdaq fell roughly 0.3% and the S&P 500 remained near flat. Utilities led sector gains as technology shares moved lower.
Tesla shares fell about 1% to trade near $375, while Alphabet declined roughly 0.8% to around $344. Both companies are scheduled to report second quarter results after the closing bell.
Investors will be watching Alphabet’s artificial intelligence spending and cloud growth, while Tesla’s report is expected to provide updates on vehicle demand, robotaxis, artificial intelligence, and capital expenditure.
Nvidia rose more than 2% and recovered its 50 day moving average, providing some support to the broader technology sector despite weakness across the Nasdaq.
