Dow Pushes Higher as Big Banks Outperform Earnings Projections

U.S. markets started the morning higher on Wednesday after JPMorgan Chase, Wells Fargo and Goldman Sachs reported earnings for the first quarter that outperformed initial projections.

The Dow is currently up 159 points to 33,833 (+0.47%) while the S&P 500 posts a modest 6 and a half point gain to 4,148 (+0.16%). The Nasdaq retracts slightly after its 100+ point gain Tuesday, shedding 22 points to 13,965 (-0.15%). This comes as major financial institutions report increased profits and a reduction in emergency reserves used for potential losses.

Big tech sees a retraction across most of the sector, with Apple, Google, Facebook and Netflix all in the red as the market opens. Tesla is the only exception to the trend, posting a gain of about 0.50 cents (+0.08%).

Crypto markets are booming ahead of the hotly anticipated IPO of Coinbase, a crypto trading platform. Bitcoin and Ethereum have both reached record highs, the former breaching $63,000 with the latter climbing to $2,300. Coinbase is set to go live at 1:30 P.M. EST at a starting valuation of around $250 per share.

European markets are similarly in the green this morning, with the Stoxx 600 up 1 point to 436 (+0.28%). London’s FTSE 100 rose 33 points to 6,923 (+0.48%) while the DAX slowed to a 4 point gain, currently resting at 15,236 (+0.02%).

Asian markets mirrored the rest of the world, with Shanghai’s Composite Index (SHCOMP) up 20 points to 3,416 (+0.6%). Hong Kong’s Hang Sang (HSI) posted a 400 point swing to the positive, up to 28,900 (+1.42%). Japan’s Nikkei 225 was the only outlier, falling 130 points to 29,620 (-0.44%).

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