In recent weeks, investors have become more cautious regarding US stocks. Johannes Eisele/Getty Images
US stocks mixed Wednesday after mega-captech earnings results.
Alphabet and Microsoft reported third quarter earnings that exceeded analyst expectations.
Robinhood's sales forecasts were not met and there was a significant slowdown in trading activity.
US stocks were mixed Wednesday with the Nasdaq 100 reaching record intraday highs, while the S&P 500 remained lower and Dow Jones trading higher.
Alphabet's and Microsoft's better-than-expected earnings results drove tech stocks higher. Both companies saw record-breaking growth and both rose more than 5%. Both companies experienced strong growth in cloud units and their forward guidance was unchanged for future business growth.
Apple will try to continue this streak when it reports its earnings on Thursday, after the close. Microsoft is currently the most valuable company worldwide, while Apple is the iPhone maker.
Here are the US indexes at 4:00 p.m. ET closes Wednesday
Robinhood's earnings report disappointed investors. It missed sales estimates and experienced a significant slowdown in trading activity compared to previous quarters, when meme-stocks were highly volatile. On Wednesday, the stock dropped 11%.
The stock rose 51% on Tuesday after a possible accidental trade in Berkshire Hathaway class A shares sent it flying in extended trading hours. These gains were short-lived as only three shares traded at these levels.
On Wednesday, Shiba inu coins continued their record-breaking run. They climbed as high as 38% to record heights and climbed to the top 10 most valuable cryptocurrency in all of crypto.
Many investors continue to be concerned about rising inflation, including Tesla CEO Elon Musk who tweeted that he was worried about the short-term increase in prices.
Wall Street was pleased with Microsoft's earnings results and three analysts shared their views on why they believe the cloud provider will continue to rise.
West Texas Intermediate crude oil dropped 2.89% to $82.20 a barrel. Brent crude oil, the international benchmark for oil, fell 2.50% to $84.24 per barrel.
Gold rose as high as 0.22% to $1,797.70 an ounce.