U.S. Stocks Moving Back To The Upside After Yesterday’s Sell-Off

Stocks have moved mostly higher during trading on Wednesday, regaining ground following the sell-off seen in the previous session. The major averages have all moved back to the upside but remain well off their recent highs.

The major averages have given back ground in recent trading but are currently all in positive territory. The Dow is up 23.14 points or 0.1 percent at 38,295.89, the Nasdaq is up 61.89 points or 0.4 percent at 15,717.49 and the S&P 500 is up 15.95 points or 0.3 percent at 4,969.12.

The rebound on Wall Street partly reflects bargain hunting, with some traders seeing the sharp pullback during Tuesday’s session as a buying opportunity amid ongoing optimism about the outlook for the markets.

While yesterday’s inflation data further pushed back interest rate cut expectations, signs of continued strength in the economy is still expected to benefit the markets in the longer term.

Buying interest remains somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

Traders may be reluctant to make significant bets ahead of the release of an avalanche of data before the start of trading on Thursday.

The slew of data due to be released tomorrow includes reports on weekly jobless claims, retail sales, industrial production and import and export prices.

Among individual stocks, shares of Lyft (LYFT) are soaring by 32.0 percent after the ride-hailing company reported better than expected fourth quarter results and provided upbeat guidance.

Investing platform Robinhood (HOOD) has also spiked by 9.2 percent after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom lines.

On the other hand, shares of Akamai Technologies (AKAM) have plunged by 7.7 percent after the server network provider reported better than expected fourth quarter earnings but weaker than expected revenues.

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