S&P 500 ends higher supported by Microsoft

STORY: U.S. stocks ended mostly higher on Wednesday but off session highs, following a steep selloff the day before, with strong revenue outlooks from Microsoft and Visa boosting investor confidence.

The Dow and S&P 500 ended up slightly, while the Nasdaq finished about exactly flat.

Analyst David Trainer is CEO of New Constructs.

"I think we're seeing a little of a reaction to what was a big sell off yesterday, a bounce back, a small bounce back. But I think it serves only to assuage fears that we're going to see a huge flush. But I don't think it's going to be enough to instill any real confidence in a long term bull run here."

Shares of Microsoft surged 4.81% after the software heavyweight forecast double-digit revenue growth for the next fiscal year, driven by demand for cloud computing services.

Shares of Visa jumped 6.47% after the world's largest payments network reported an upbeat quarter fueled by a rebound in consumer spending and said it expects revenue to accelerate.

Google-parent Alphabet fell 3.75% after the search giant reported that quarterly YouTube ad sales slowed and its revenue missed expectations.

Boeing dropped 7.53% after it said it was halting production of 777X jets through 2023 due to certification problems, as well as weak demand for the wide-body plane.

Shares of Mattel surged 10.76% after a source told Reuters the toymaker was exploring a sale, and that Apollo Global Management and L Catterton were interested.

Shares of audio streaming platform Spotify tumbled more than 12% following a downbeat current-quarter revenue forecast.

And, finally, shares of Meta Platforms jumped in extended trading after the company said Facebook's quarterly daily active users were above Wall Street estimates, even as it recorded its slowest revenue growth in a decade.

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