Major stock markets in the United States traded mostly flat at the open on Wednesday after yesterday’s rally, with mortgage applications in the country falling to their lowest level in 22 years. US existing home sales report will be released later in the day.
On the earnings front, both Abbott Labs and Biogen reported better-than-expected results in the second trimester of fiscal 2022, while investors will be keeping a close eye on Tesla's earnings report, which will be released after the market close.
The Dow Jones and Nasdaq 100 were both flat at the open. The S&P 500 was down 0.07% at 9:31 am ET, with ON Semiconductor declining 1.24% at the same time. Not long after the open, tech stocks gained some momentum as Nasdaq 100 rose 0.45% at 9:45 am ET. On the other hand, Dow Jones fell 0.21% at the same time, while S&P 500 entered flat territory simultaneously. The euro traded flat against the dollar at 9:29 am ET, selling for 1.02315.
