U.S. stocks opened mixed on Wednesday as investors digested a slew of earnings reports amid coronavirus concerns.
Shortly after the opening bell, the Dow Jones Industrial Average dipped 38.30 points, or 0.14 percent, to 26,801.10. The S&P 500 was down 2.45 points, or 0.08 percent, to 3,254.85. The Nasdaq Composite Index increased 86.73 points, or 0.81 percent, to 10,680.36.
Of the 11 primary S&P 500 sectors, energy fell more than 2 percent in morning trading, the worst-performing group. Health care rose 0.8 percent, outperforming others.
Shares of United Airlines struggled after the company reported a net loss of 1.6 billion U.S. dollars in the second quarter and an 87 percent year-over-year revenue slump due to the coronavirus impact.
Investors were awaiting the latest earnings reports from Microsoft and Tesla, which are set to report after Wednesday’s close.
The estimated earnings decline for the S&P 500 is 43.8 percent for the second quarter, according to data from FactSet in early July.
Wall Street also grew concerned over a continued spike in coronavirus infections in the United States.
More than 3.9 million confirmed COVID-19 cases have been reported in the United States, with over 142,000 deaths, as of Wednesday morning local time, according to a tally by Johns Hopkins University. Enditem