U.S. equity markets are advancing for a third straight day, boosted by corporate earnings. The Nasdaq is up 1%, and the Dow and S&P 500 are also higher.
Solid earnings reports are lifting shares of Tesla (TSLA), CSX (CSX), and D.R. Horton (DHI). Shares of Merck (MRK) and Biogen (BIIB) are up after selling off yesterday.
Shares of travel-related companies are tumbling after Carnival Corporation (CCL) announced it was selling stock to raise cash, and American Airlines (AAL) and United Airlines (UAL) said they would limit capacity growth because of increasing flight disruptions.
Shares of Travelers (TRV) and AT&T (T) are falling on their quarterly results. Shares of Discover Financial Services (DFS) are dropping as the credit card provider suspended its share repurchase program and will conduct an internal probe of compliance practices in its student loan servicing business.
Oil Futures Decline
Shares of fossil fuel companies are sliding along with oil prices, which are sinking on worries of lower demand as U.S. gasoline stockpiles rise and the European Central Bank (ECB) tightened monetary policy to fight inflation (more below).
Bond yields are declining, and the U.S. dollar is falling against euro, pound, and yen following the ECB decision.
Major cryptocurrencies are tumbling after Tesla said it had converted 75% of its Bitcoin into fiat currency.