Wall Street holds steady as earnings reports flow in

By DAMIAN J. TROISE, Associated Press Business Writer

NEW YORK (AP) — Stocks are holding relatively steady in morning trading on Wall Street Wednesday as more U.S. companies turn in their latest quarterly reports.

The S&P 500 rose 0.1%. The Dow Jones Industrial Average rose 65 points, or 0.1%, as of 9:48 a.m. Eastern time. The Nasdaq composite rose 0.3%.

Companies from a broad spectrum of industries reported their latest financial results and gave updated forecasts.

Taser maker Axon Enterprise slumped 17.3% after forecasting weaker profits than analysts were expecting. Live Nation Entertainment fell 6.4% after its latest results fell short of analysts’ forecasts.

On the winning side, McDonald’s rose 3.1% after reporting that its sales benefited from the return of its popular Snack Wraps in the third quarter.

The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy.

There are still several informative private economic updates that Wall Street can review.

A monthly report from ADP showed that private payrolls rose more than expected in October. The report offers a partial glimpse into the job market, which has been generally weakening and raising broader concerns about economic growth.

Treasury yields edged higher in the bond market. The yield on the 10-year Treasury rose to 4.12% from 4.09% late Tuesday.

European markets were mostly lower and Asian markets closed mostly lower.