U.S. stock benchmarks opened modestly higher Wednesday, one day after a four-session win streak was brought to a halt amid concerns about coronavirus treatments and vaccines.
Investors have been parsing corporate earnings from prominent banks to assess the impact of COVID-19 on businesses.
The U.S. economic calendar on the day is light, with the only reading, the producer price index, showing inflation slightly hotter than analysts had expected.
How are stock benchmarks performing?
The Dow Jones Industrial Average DJIA, -0.02% gained 11 points, to trade near 28,691, while the S&P 500 SPX, +0.02% index was up 3 points, 0.1%, at 3,515. The Nasdaq Composite COMP, +0.04% added 25 points, 0.2% , at 11,188.
What’s driving the market?
Wednesday marked the second full day of corporate quarterly earnings from the likes of Bank of America BAC, -3.90%, Goldman Sachs GS, +0.09% and Wells Fargo WFC, -4.83% for signs of the health of the U.S. economy, coming a day after JPMorgan Chase JPM, +0.21% and Citigroup C, -0.42% posted better-than-expected results, while warning that the economy has a long road ahead to recover from the worst pandemic in more than a century.
Bank of America reported $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv, while income was at $4.9 billion, or 51 cents a share, from $5.8 billion, or 56 cents a share, in the