Major stock market indices closed for the third day in a row lower on Wednesday and thus by now indices like the US 500 and US 30 have completely given up the gains from last week. Though these indices are still remaining withing the range that was seen over the past four weeks.
Zoom Video Communications (-6.29%) was once again underperforming and had one of the worst performance among S&P 500 components that day. Twitter (+7.88%) on the other hand made a strong recovery and finished the day as the best-performing S&P 500 component just as the company went ahead with its lawsuit against Elon Musk who recently sought to rescind his earlier offer to purchase the company.
Delta Air Lines (-4.47%) traded lower after releasing its quarterly results, though on a weekly basis the stock is trading almost unchanged after the significant gains it accumulated on Tuesday. While the revenue at $13.82 billion was better than what was anticipated, the adjusted earnings per share at $1.44 were significantly less compared to the expected $1.73 according to CNBC quoting Refinitiv data. Not only did the company have to pay significantly more for fuel compared to 2019 but other operating costs excluding were also up by 22% compared to 2019.
On Thursday JPMorgan Chase is set to publish its results, followed by Wells Fargo and Citigroup on Friday.