Stocks moved mostly higher early in the session on Wednesday but have given back ground over the course of the trading day. The major averages have pulled back well off their highs of the session, with the Dow and the S&P 500 slipping into negative territory.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 24.59 points or 0.2 percent at 15,721.23, the Dow is down 119.17 points or 0.3 percent at 38,384.52 and the S&P 500 is down 8.59 points or 0.2 percent at 5,061.96.

A positive reaction to the latest corporate earnings news initially contributed to an extended rebound on Wall Street following the considerable weakness seen last week.

Shares of Tesla (TSLA) remain up by 11.3 percent even though the electric vehicle maker reported weaker than expected first quarter results.

The surge by Tesla comes after CEO Elon Musk said the company plans to start production of a new affordable model by early 2025.

Semiconductor company Texas Instruments (TXN) is also seeing significant strength after reporting first quarter results that beat expectations on both the top and bottom lines.

Shares of Visa (V), Boeing (BA) and Mattel (MAT) have also moved to the upside after the companies reported better than expected quarterly results.

Buying interest waned shortly after the start of trading, however, with traders potentially reluctant to make significant moves ahead of more big-name tech earnings in the coming days.

IBM Corp. (IBM) and Facebook parent Meta Platforms (META) are among the companies due to report their quarterly results after the close of today’s trading.

Google parent Alphabet (GOOGL), Intel (INTC) and Microsoft (MSFT) are also among the companies due to report their quarterly results after the close of trading on Thursday.

On the U.S. economic front, the Commerce Department released a report showing new orders for U.S. manufactured durable goods surged by more than expected in the month of March.

The report said durable goods orders soared by 2.6 percent in March after climbing by a downwardly revised 0.7 percent in February.

Economists had expected durable goods orders to spike by 2.3 percent compared to the 1.3 percent jump that had been reported for the previous month.

Excluding a surge in orders for transportation equipment, durable goods orders crept up by 0.2 percent in March after inching up by 0.1 percent in February. Ex-transportation orders were expected to rise by 0.3 percent.

Sector News

Transportation stocks have shown a substantial move to the downside on the day, dragging the Dow Jones Transportation Average down by 2.5 percent.

Considerable weakness has also emerged among housing stocks, as reflected by the 1.4 percent loss being posted by the Philadelphia Housing Sector Index.

Pharmaceutical and retail stocks have also moved lower, while semiconductor stocks are turning in a strong performance following the upbeat results from Texas Instruments.

Reflecting the strength in the semiconductor sector, the Philadelphia Semiconductor Index has jumped by 1.6 percent on the day.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan’s Nikkei 225 Index shot up by 2.4 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.

Meanwhile, the major European markets have moved modestly lower on the day. While the U.K.’s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index is down by 0.2 percent and the German DAX Index is down by 0.3 percent.

In the bond market, treasuries are under pressure following the advance seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.2 basis points at 4.660 percent.