CNBC's Darla Mercado contributed to this report. Of the S&P 500 companies that have reported, about 82% have posted positive surprises, according to FactSet data. Meanwhile, SolarEdge Technologies tumbled 18.4% a day after it missed revenue expectations.Įarnings season is more than halfway through and continue to come in stronger than expected. Advanced Micro Devices fell 7% after issuing a disappointing forecast a day earlier, dragging down other chip stocks. CVS Health rose 3.3% after posting strong earnings as it trims costs, while Humana gained 5.6% after posting lower-than-expected medical costs. ![]() Meanwhile, Wall Street scrutinized a fresh batch of earnings results. It's just a headline that's given us fuel to finally move some chips around a little bit without upsetting the general overall trends, which have been up since the beginning of the year when it comes to tech." "There is money still being put to work," he said. Jay Woods, chief global strategist at Freedom Capital Markets, called Wednesday's move out of technology stocks and into defensive sector a long overdue "constructive rotation" after the tech-fueled rally. Mega caps Amazon, Alphabet, Microsoft more than 2% each, while Nvidia shaved off nearly 5%. Chinese tech names JD.com and Baidu fell more than 4% after China proposed limits on smartphone use for minors. Technology stocks led the declines as the 10-year Treasury yield hit its highest level since November. Wednesday's selloff bucked the recent months-long uptrend fueled by growth stocks. credit got a rating downgrade, she added. The economic picture continues showing signs of resilience, and conditions look very different compared to the last time U.S. "Broadly speaking, this hasn't deterred our fundamental view of the economy or markets." "Investors may use this Fitch downgrade as a reason to take some profits, but we think that was probably a natural part of the market cycle anyway, after such a strong run, very little volatility," said Mona Mahajan, senior investment strategist at Edward Jones. ![]() ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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