By Yasin Ebrahim
Investing.com – The S&P 500 remained near record highs Wednesday as major Wall Street banks kicked off the earnings season in style, with results that topped estimates.
The rose 0.1%, and hit a record intraday high of 4,151.97, the rose 0.56%, or 189 points, and the was off 0.36%.
JPMorgan (NYSE:),Goldman Sachs (NYSE:) and Wells Fargo (NYSE:) reported results that beat on both top and bottom lines.
Goldman Sachs was the standout performer as first-quarter earnings of $18.60 a share came in well above estimates of $10.19 a share, led by record investment banking revenue and a jump in trading revenue.
Goldman Sachs’ Q1 performance was “very strong,” and showed “remarkable revenue generation,” UBS said.
Bed Bath & Beyond (NASDAQ:), meanwhile, reported earnings that topped estimates, but a 16% decline in sales and softer guidance pressured its shares to fall 10%.
“The co. highlighted continued positive trends in 1Q QTD. Still, its 1Q sales guidance of 40% is below the cons. of 46%,” UBS said.
Beyond earnings, Moderna (NASDAQ:) delivered a positive update on its vaccine, easing some of the concern following the Johnson & Johnson (NYSE:) vaccine setback on Tuesday.
Moderna said late-Tuesday that new data show its vaccine is more than 90% effective six months after the second shot, sending its shares almost 6% higher.
Reopening stocks bounced back from a stumble a day earlier, with airlines and cruise lines in the ascendency.
Energy, meanwhile, followed oil prices higher as data showed inventories fell more than expected, stoking optimism that energy demand remains firm.
U.S. crude oil stocks fell by 6 million barrels, well above the 2.9 million barrel decline expected.
Technology stuttered following its run higher as rising bond yields, which had weighed on growth stocks, appears to be running out of steam.
Google-parent Alphabet (NASDAQ:), Apple (NASDAQ:), Facebook (NASDAQ:) and Amazon.com (NASDAQ:) and Microsoft (NASDAQ:), the so-called Fab 5, were lower.
In other news, Coinbase made its public market debut through a direct listing at $381 per share, up from the reference price of $250, valuing the crypto exchange at about $100 billion.
Coinbase’s current business model has come under security amid concerns that increased competition will eventually drive the company’s high trading fees, which make up more than 90% of revenue, lower.
But Coinbase CEO Brian Armstrong has suggested the company is investing in other business streams to generate more stable revenue that could eventually make up about half of total revenue, easing the reliance on trading fees.