By Geoffrey Smith
Investing.com — U.S. stock markets opened mostly higher on Wednesday as strong earnings from Amazon (NASDAQ:) and Google owner Alphabet (NASDAQ:) revived faith in the growth narrative around technology stocks, while the hotly-traded meme stocks of last week continued to bubble in the background.
By 9:40 AM ET (1440 GMT), the was up 55 points, or 0.4%, while the was up 0.2%. The , meanwhile, underperformed with a loss of 31 points, or 0.1%, to 30,656 points.
Alphabet (NASDAQ:) stock was up 6.4% after the company recorded a banner quarter for Internet advertising through its search and YouTube platforms. Amazon (NASDAQ:) stock was flat, as blowout earnings and revenue in the fourth quarter were overshadowed by the announcement late on Tuesday that founder Jeff Bezos will step down as chief executive, to be succeeded by Andy Jassy, head of Amazon’s cloud-hosting unit. The decision was taken by some as potentially signaling a shift away from the group’s e-commerce roots.
Elsewhere, the battle between retail investor bulls and Wall Street short sellers continued to bubble over, with the handful of heavily-shorted ‘meme stocks’ largely rising in early trade after losses of as much as 60% on Tuesday.
GameStop (NYSE:) stock was up 6.7%, stall well above its historic 2007 record high, while AMC Entertainment (NYSE:) stock was up 6.3%. Koss stock was the standout name, as the maker of speakers and headsets gained just under 40%. They and others appeared to weaken as the early buy orders fizzled out. BlackBerry (NYSE:) stock was the first to turn red, losing 0.5%.
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