Tek shares weighed on Wall Street.
Today 15:30
Updated less than 20 minutes ago
Here’s what it looked like on the benchmark indices in the US at closing time on Wednesday:
- The collective index S&P 500 ended flat
- The industry-heavy index Dow Jones rose 0.44 percent
- The tech index Nasdaq Composite fell 0.18 percent
The Dow Jones index ended its sixth day of gains on Wednesday, while tech stocks were down. Both the broader Nasdaq Composite and the narrow Nasdaq100 ended in negative territory.
– Valuation is always going to be a big challenge for the tech sector, says investment analyst Ross Mayfield at Baird to CNBC.
He points out that this results season has set the bar high when it comes to AI enthusiasm and how companies should be valued.
– There are more fluctuations from day to day, says Mayfield.
Tuesday ended mixed on Wall Street, while Monday was up.
Read on E24+
Screen time damages our quality of life. – Everyone is in their own little bubble.
Reddit impressed
Reddit, which debuted as a publicly traded company in March, presented first-quarter results Tuesday after hours.
Both the revenue and the adjusted operating profit Reddit delivered far exceeded expectations.
The share ended up 4.05 percent.
Uber is falling
The Uber share fell 5.72 percent after the transport company, among other things, presented disappointing prospects for the second quarter, according to Reuters.
The company’s revenue was 10.13 billion, which was quite in line with analysts’ expectations.
The result after tax came in at minus 654 million dollars, an expanded profit from 157 million in the same quarter in 2023.
