Wall Street stock indices rose, reversing some of Tuesday's losses. Here's what we see in Wednesday's trade:
- Fintech SoFi Technologies SOFI 13.56% said it won regulatory approval to become a bank holding company.
- Baked Holdings BKKT 0.18% said it partnered with Nexo to store its bitcoin and ether.
- Bank of America BAC 1.45% reported a fourth-quarter profit that beat expectations.
- US Bancorp USB -6.35% said its fourth-quarter profit rose due to a lower provision for credit losses as the global economy improved, despite lower net interest income and higher non-interest expenses.
- Cisco CSCO -0.88% Systems shares fell after Goldman Sachs downgraded its stock to neutral from buying.
- Morgan Stanley MS 1.58% beat the profit estimates for the fourth quarter based on strong results in its investment banking and asset management divisions.
- Procter & Gamble PG 4.29% reported another quarter of strong sales growth as consumers, unafraid of higher prices, filled up on household items from Gillette razors to Tide detergent.
- US-traded shares in Sony Group SONY -2.81% was down in the morning trade. The company's stock fell nearly 13% in Tokyo on Wednesday due to concerns about new tough competition for its video game business from the recently announced combination of Microsoft MSFT 1.73% and Activision Blizzard. THAT WE -0.35%
- Pfizer's PFE -0.26% the new Covid-19 pill, Paxlovid, was effective against the Omicron variant in laboratory tests, an encouraging early sign that the drug will be an important tool as the strain spreads.
- Alcoa AA -0.47% and United Airlines UAL -1.78% is among the companies that sign up after Wednesday's closing.
- The crypto market coincided with US equities in the first two weeks of the year, with both markets struggling under the same dynamics.
Write to James Willhite at firstname.lastname@example.org
Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8