Macy's Skyrockets on Wall Street After Quarterly Earnings Release

Wall Street Stocks Show Recovery From Loss the Day Before

The stock exchanges in New York opened with a profit on Wednesday, after the heavy price losses a day earlier. In particular, in the technology sector, prices fell sharply on Tuesday due to rising interest rates, making tech stocks, which are mainly valued for expected growth, less attractive.


The tech funds on Wall Street are now showing some recovery from those blows.

Shortly after opening, the Dow-Jones index recorded a plus of 0.4 percent at 34,436 points. The broad S&P 500 rose 0.6 percent to 4,378 points, and the technology gauge Nasdaq gained 0.9 percent to 14,670 points. The day before, the Nasdaq plunged 2.8 percent, the most significant daily loss since March. The other leading indicators were lowered by up to 2 percent.

Heavy tech funds such as Apple, Amazon, Microsoft, Facebook, and Google parent Alphabet recorded up to 1.5 percent gains. Netflix climbed 3.4 percent. The video streaming service acquires video game developer Night School Studio, the developer of adventure game Oxenfree. Earlier this year, it was already announced that Netflix wants to offer video games in addition to series, documentaries and films.

The oil funds had to take a step back because of the lower oil prices. The day before, the oil sector managed to escape the slump on Wall Street, although much of the gains were lost towards the end of the day. Major carriers such as ExxonMobil and ConocoPhillips fell to 0.7 percent. The price of a barrel of US oil fell 0.9 percent to $ 74.65, and Brent oil became 1.1 percent cheaper at $ 78.26 a barrel.

Aircraft maker Boeing became 4.2 percent more expensive. China may lift the flight ban on the Boeing 737 MAX by the end of this year. This model has been grounded worldwide since March 2019 after two fatal crashes in a short time. Most countries are already flying with it, but not China yet. Boeing has completed a test flight with the 737 MAX in China.

Chip company Micron Technology fell 0.9 percent after a disappointing outlook. However, discount store chain Dollar Tree gained more than 13 percent in value after increasing its share buyback program. The euro was worth $1.1637, compared to $1.1682 a day earlier.

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