A blockbuster start to earnings season gave the Dow a minor lift but the rest of the market struggled due to weak tech stocks… there was also a mega market debut of bitcoin exchange Coinbase in the mix.
The Dow rose 53 points. The S&P stumbled 16 points after touching an intra-day high. The Nasdaq lost 138 points.
J.P. Morgan Chase smashed forecasts with a near 400-percent surge in quarterly profits and America's biggest bank released $5 billion that it has set aside in case loans went bad during the health crisis. But with the stock up nearly 60 percent over the past year, some investors thought that good news was already priced into the stock, which fell nearly 2 percent on Wednesday.
It was a bang-up quarter for Goldman Sachs as well. It saw a massive jump in profits as it benefitted from record global dealmaker. Revenue and profits hit a record and the company hinted that there's more to come. Shares of Goldman jumped more than 2 percent.
A big turnaround for the embattled Wells Fargo. It bounced-back to a quarterly profit of almost $5 billion. Shares of Wells Fargo gained 5-1/2 percent.
But The stock of the day was Coinbase. The world's largest cryptocurrency exchange soared in a milestone debut for the crypto industry.
For Ross Gerber of Gerber Kawasaki the importance of this debut can not be overlooked.
"I do I think this is a huge moment in financial history, it's the first time we've seen an exchange and a decentralized monetary system that has really been a threat to the current monetary systems for its entire existence, now becoming legitimized. And I think a new era has begun for what we would like to call a decentralized finance or cryptocurrency. Even the listing of tokens now of actual stocks is happening on the finance exchange. And when you see how these networks work and how sophisticated these companies are, it kind of makes the JP Morgan's of the world look like dinosaurs."
Coinbase ended its first trading day with a 31 percent jump, well off its highs of the day.