US stocks tread water after rally

• The Dow Jones is down 0.3 percent at 31,747.55.
• The S&P 500 slips less than 0.1 percent to 3,935.22.
• The tech-rich Nasdaq Composite Index gains 0.5 percent to 11,766.79.

Wall Street stocks were mixed early Wednesday, moving sideways after the prior day’s bounce that was partly a response to the market’s losses so far in 2022.

Major indices had piled on more than two percent Tuesday in what Briefing.com analyst Patrick O’Hare called a “technical” rally after a survey of investors suggested stocks had been oversold and were due for a turnaround.

Analysts also cited the better-than-expected tone from executives at large banks and other companies that reported results that eased worries about second-quarter earnings season.

Tuesday’s trading was “predominantly a technical rally,” O’Hare said. “The limiting factor is that the fundamental show isn’t that appealing, which is perhaps why the futures market this morning isn’t teasing an encore performance.”

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 31,747.55.

The broad-based S&P 500 slipped less than 0.1 percent to 3,935.22, while the tech-rich Nasdaq Composite Index gained 0.5 percent to 11,766.79.

Among individual companies, Netflix slipped 0.7 percent after it reported the loss of 970,000 subscribers, its second quarter in a row with a decline.

Shares had risen immediately after the report as the streaming company predicted it would gain subscribers in the current period.

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