On the Stock Market Today, Dow Gains as Tech Recovers

US stocks (Dow, S&P, Nasdaq) continued their rally in technology on Wednesday ahead of more corporate earnings.

At 4:00 p.m., the Dow Jones Industrial Average was up 51 points, or 0.2%, while the S&P 500 was up 0.6% and the NASDAQ Composite was up 1.6%. Netflix, Inc. (NASDAQ:NFLX) set a positive tone after the closing bell on Tuesday, saying it lost less than one million subscribers in the second quarter, far fewer than initially feared. It also forecast growth and mentioned an ad-supported subscription tier to be introduced next year. The stock was up more than 7%. Mortgage applications fell 6% from the previous week as higher prices and rising interest rates sidelined prospective buyers. The Federal Reserve is expected to raise interest rates by another 0.75 percentage points at its meeting later this month. Before that, the European Central Bank is expected to make a rate move as central banks try to respond to high inflation. Baker Hughes Co (NASDAQ:BKR) fell 8% after revising its outlook and saying there was a deterioration in demand. Tesla, Inc (NASDAQ:TSLA) shares jumped 4% after beating profit expectations. Revenue was slightly below forecasts. Bath & Body Works, Inc. (NYSE: BBWI) shares recovered after an earlier decline and rose 3% after lowering its expectations. Oil fell. Crude Oil WTI Futures fell 0.8% to $99.88 per barrel, while Brent Oil Futures fell 0.4% to $106.88 per barrel. Gold Futures fell 0.6% to $1,699 an ounce.