Dow rises, goes for 8-day winning streak as earnings season rolls on: Live updates

Stocks rose Wednesday as the corporate earnings season continued, with the Dow Jones Industrial Average on track for its longest winning streak in nearly four years.

The Dow traded 131 points higher, or 0.4%. The S&P 500 climbed 0.2%, while the Nasdaq Composite slipped 0.02%. The Dow was on track for its eighth straight day of gains, its longest streak since September 2019.

Goldman Sachs reported a miss on adjusted earnings per share and a beat on revenue Wednesday, tied to losses in real estate as well as GreenSky. Goldman had previously warned investors that the quarter would likely yield lackluster results. Shares added 1.5%. Elsewhere, shares of U.S. Bancorp and J.B. Hunt added 6% and 2.2%, respectively.

Other major companies such as Netflix, Tesla, IBM and United Airlines will post earnings after the close.

Thus far, the second-quarter earnings season is off to a strong start. Of the companies in the S&P 500 that have reported results, 78% have exceeded expectations, according to FactSet data. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario. It’s an outlook that has gained traction after last week’s encouraging inflation data.

“Bank earnings are better than feared and are pushing the episodic crisis from the spring further into the rearview mirror and (thus far) continue to trade like a soft landing will occur,” said George Catrambone, head of fixed income and trading at DWS Group. “The commentary from CEO’s mirrors what the retail sales control group told us today – which is spending is largely intact, despite some credit normalization.”

Carvana shares climbed more than 28% after securing a deal to reduce roughly $1.2 billion in debt. The online auto retailer said Tuesday it will post second-quarter earnings results on Wednesday, moving the date of its report up from Aug. 3.