Wall Street stocks all traded higher at the open on Wednesday, reversing some early losses for the Nasdaq.
As of 1530 BST, the Dow Jones Industrial Average was up 0.56% at 34,010.85, while the S&P 500 was 0.43% firmer at 4,152.73 and the Nasdaq Composite was 0.35% stronger at 13,834.50.
The Dow opened 189.55 points higher on Wednesday, reclaiming some of the losses recorded in the previous session.
Netflix shares slumped 7.88% in early trading after the video streaming giant posted quarterly subscriber additions that fell well and truly short of estimates on the Street as the pandemic-fuelled demand seemingly began to fade away.
Elsewhere on the corporate front, Verizon stock traded higher after topping first-quarter earnings and revenue expectations, while fast-food chain Chipotle was slated to report its most recent quarterly numbers later on in the day.
A handful of stocks tied to an economic reopening were also performing well during the morning’s session, with United Airlines up about 1.3% after plunging 8.5% on Tuesday, while Norwegian jumped more than 5% and Carnival and Royal Caribbean rose roughly 2% each.
On the macro front, total mortgage applications surged 8.6% week-on-week, according to the Mortgage Bankers Association, marking the first overall increase in weekly applications since the tail end of February.
The increase was mostly driven by a drop in the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances to 3.20% from 3.27%.
