Tech Earnings, Bank Woes Lead to Mixed Market Day

U.S. equities were mixed as solid tech earnings were offset by concerns about the banking sector and a possible recession. The markets faded in the afternoon, leaving the Dow and S&P 500 in the red and the Nasdaq up half a percent.

Most of the stocks in the Dow fell, led lower by shares of Amgen (AMGN), Home Depot (HD), Honeywell (HON), and Merck (MRK), which all sank more than 2%. After losing almost 50% on Tuesday, shares of First Republic Bank (FRC) plunged another 30% on Wednesday on concerns over whether the struggling bank can find ways to shore up its depleted financial condition.

Solar power company stocks sank on a warning about demand from Enphase Energy (ENPH). Shares of Old Dominion Freight Line (ODFL) lost 10% as the transport company's profit and sales were below analysts' estimates. Activision Blizzard (ATVI) shares plunged after U.K. regulators blocked Microsoft's (MSFT) $68.7 billion acquisition of the video game maker.

Microsoft Shares Gain

Microsoft (MSFT) investors shook off the Activision news and sent shares higher on the software giant's cloud revenue, guidance, and upbeat comments about its artificial intelligence (AI) products. Shares of Amazon (AMZN) gained on optimism about demand for its cloud services. Meta Platforms (META) shares rose during the regular session, and they're soaring in extended trading following the release of the social media firm's earnings report.

Recession fears sent oil futures tumbling. Gold prices fell. The yield on the 10-year Treasury note was higher. The U.S. dollar dropped versus the euro, pound, and yen. Major cryptocurrencies reversed earlier gains and traded lower.