U.S equities enjoyed a bullish day as financial markets responded positively to comments from Federal Reserve Chair, Jerome Powell, about a potential reduction in interest rates this year. All key indexes - the Dow, S&P 500, and Nasdaq - made gains.
Pharmaceutical firm Moderna (MRNA) saw its shares escalate, buoyed by a less than expected loss after cutting costs and higher-than-predicted sales from its COVID-19 vaccine.
Shares in freight transportation company C.H. Robinson Worldwide (CHRW) also experienced an upturn after surpassing profit and sales estimates due to increased pricing and high volumes in their ocean services and truckload sectors. The firm published its quarterly results post-market closure on Wednesday.
Online home decor retailer Wayfair (W) also enjoyed its share of the limelight, as better-than-expected Q1 results drove a surge in its shares. The company reported a narrower loss comparable to the same period last year, attributable in part to layoffs helping to mitigate some of its costs.
However, it wasn't all good news in the markets. Etsy's (ETSY) shares tumbled following a cautionary statement about potential weaker consumer discretionary spending adversely affecting its business, issued after the online marketplace reported earnings.
Shares of radio frequency chips supplier Qorvo (QRVO) also dropped as the company predicted significantly lower than expected guidance due to decreasing cellphone demand.
There was further instability as Peloton Interactive (PTON) shares tumbled to a record low. The fitness company announced another restructuring, and its CEO Barry McCarthy stepped down.
Future oil and gold shares saw a decline, while the yield on the 10-year Treasury note remained unchanged. The U.S dollar gained ground against the euro and pound, yet fell against the yen. Meanwhile, most major cryptocurrencies marked an upward trend.