FRC - Nasdaq climbs on Microsoft earnings; Dow S&P 500 fall

2023-04-26 16:06:51 ET

The S&P 500 and Dow finished Wednesday's trading in the red, dragged down by ongoing banking concerns. Meanwhile, an earnings-inspired rally in Microsoft ( MSFT ) buoyed the tech-heavy Nasdaq, allowing the index to post a modest gain.

The Nasdaq Composite ( COMP.IND ) closed +0.5% , the S&P 500 ( SP500 ) finished -0.4% and the Dow ( DJI ) ended -0.7% .

MSFT jumped 7% after the software giant beat expectations with its quarterly results, bolstered by strength in its AI and Azure cloud businesses. Elsewhere among the megacaps, Alphabet ( GOOG )( GOOGL ) also announced its quarterly update, although the Google parent largely treaded water despite Street-beating earnings .

Meanwhile, First Republic Bank ( FRC ) continued its recent decline, dropping another 30% amid ongoing concern about its balance sheet .

Turning to the bond market, yields edged higher following a sharp drop the previous day. The 10-year yield ( US10Y ) climbed 5 basis points at 3.45%, while the 2-year yield ( US2Y ) rose 5 basis points to 3.94%.

Looking at other recent earnings reports, Enphase Energy ( ENPH ) dropped nearly 26% after including weak guidance in its quarterly update .

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