U.S. Stocks Surge on Tech Gains After Netflix Report By

© Reuters.

By Liz Moyer 

Fxgecko.com -- U.S. stocks surged on a rebound in tech as corporate earnings continue to pour out.

At 11:07 AM ET, the Dow Jones Industrial Average was up 60 points, or 0.2%, while the S&P 500 was up 0.7%, and the NASDAQ Composite rose 1.5%.

Netflix, Inc. (NASDAQ:NFLX) set a positive tone after the closing bell on Tuesday, saying it lost under one million subscribers in the second quarter, which is far fewer than initially feared. It also forecast growth and talked about an ad-supported subscription tier to be introduced next year. The stock was up 3.4%.

Mortgage applications slumped 6% from the prior week as high prices and rising loan interest rates pushed would-be buyers to the sidelines.

The Federal Reserve is expected to raise interest rates another 0.75 percentage point when it meets later this month. Before that, the European Central Bank is expected to make a rate move as central banks try to respond to high inflation.

Tesla, Inc. (NASDAQ:TSLA) earnings are due out after Wednesday’s closing bell, and analysts will be listening for what the electric vehicle maker says about production trends, given ongoing COVID-related shutdowns in China.

Bath & Body Works, Inc. (NYSE:BBWI) shares fell 2.6% after it lowered its guidance.

Oil fell. Crude Oil WTI Futures was down 1% to $99.72 a barrel, while Brent Oil Futures fell 0.5%, to $106.89 a barrel. Gold Futures dipped 0.2%, to $1,706 an ounce.

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