US Markets Pick Up Steam in the Afternoon and Post Gains

U.S. equities finished with gains as a rally in the afternoon lifted the Dow higher and brought the S&P 500 and Nasdaq into the green. The markets got a boost from positive earnings reports, as well as comments from Atlanta Fed Bank President Raphael Bostic, who said he was firmly in favor of raising interest rates just 25 basis points (bps) at the next Fed meeting in two weeks.

Salesforce (CRM) was the leader in both the Dow and S&P 500, with shares skyrocketing 11.5% after the cloud-based software maker posted better-than-expected earnings, revenue, and guidance. Macy's (M) shares also soared 11% on the retailer's financial report. A strong full-year profit forecast sent up shares of supermarket chain Kroger (KR) 5.4%.

Okta (OKTA) beat profit and sales estimates, and shares of the digital authorization firm climbed 13.3%. Shares of Bio-Rad Laboratories (BIO) and Myriad Genetic (MYGN) advanced as the two biotech firms agreed to expand their strategic partnership to increase access to cancer testing.

Tesla (TSLA) shares tumbled 5.9% after the electric carmaker didn't introduce any new models at its investor day, as some had anticipated. Tesla's announcement that it plans to greatly reduce use of certain transistors in its next generation of vehicles drove down shares of several chip companies, including ON Semiconductor (ON) and MP Materials (MP). Principal Financial Group (PFG) shares plunged 5.5% after the insurer released its 2023 and long-term outlook.

Bank Stocks Decline

Bank stocks dominated the list of worst-performing stocks in the S&P 500. Shares of Zions Bancorporation (ZION), PNC Financial Services Group (PNC), and Signature Bank (SBNY) were among those declining. Silvergate Capital Corporation (SI) shares lost more than half their value after the financial firm said it would delay filing its annual report as it addresses regulatory and other inquiries and investigations. It was the fifth straight day of losses for DISH Network (DISH) shares, as the satellite TV provider has been dealing with the fallout from a ransomware attack.

The yield on the 10-year Treasury note surpassed 4%. Oil futures rose. Gold prices fell. The U.S. dollar was higher versus the euro, pound, and yen. Prices for Bitcoin (BTC/USD) and Ether (ETH/USD) were up slightly, but most other major cryptocurrencies lost ground.