US Stocks Edge Higher Early Wednesday
(AP) -- Stocks edged higher Wednesday morning as gains in technology companies offset losses in banks, industrial companies and other sectors. Investors are turning their attention to this month's jobs data, which will be out on Friday.
The S&P 500 index was up 0.2% as of 10 a.m. Eastern. The Dow Jones Industrial Average rose 0.2% and the Nasdaq Composite was up 0.1%.
Market players are looking ahead to Friday's U.S. jobs report, which is expected to show employers added more than 650,000 jobs last month. They're also keeping an eye on comments by Federal Reserve officials on inflation, a concern overhanging markets as economies regain momentum with the rollout of coronavirus vaccines, especially in the United States.
Expectations that the upcoming Labor Department report will show a strong increase in hiring have added to worries about inflation and how the Federal Reserve may respond to it. The concern is that the global recovery could be hampered if governments and central banks have to withdraw stimulus to combat rising prices.
Bond yields were steady. The yield on the 10-year Treasury note was little changed at 1.61%.
Companies that have gained the attention of a group of highly active retail investors -- AMC Entertainment, Blackberry and others -- were climbing once again. AMC soared 26%, after rising 22.7% the day before when the company announced a stock sale.
These companies surged earlier in the year, but had sold off before this week. AMC shares are still up more than 1,700% this year alone.
Zoom Video Communications was up 1% after reporting another strong quarter of results.