Investing.com - U.S. stocks were mixed on Wednesday, after the release of disappointing U.S. durable goods orders data, while expectations for a rate cut by the European Central Bank continued.
During early U.S. trade, the Dow Jones Industrial Average inched 0.03%, the S&P 500 index added 0.16%, while the Nasdaq Composite index dipped 0.02%.
The Commerce Department said durable goods orders dropped 5.7% last month, worse than expectations for a decline of 2.8%.
Core durable goods orders, which exclude transportation items, fell 1.4% in March, compared to expectations for a 0.5% increase.
Stocks found support earlier, amid mounting speculation over a rate cut by the ECB after a report showed that the Ifo index of German business climate fell to a four month low of 104.4 in April from 106.7 in March.
The data came one day after a report showed that Germany’s manufacturing and service sectors contracted in April.
Apple saw shares plummet 2.74% after the tech giant on Tuesday bowed to investors' demands to share more of its USD145 billion cash pile.
The iPhone maker also posted its first quarterly profit decline in more than a decade after market close. Shares were still up 0.19% in pre-market trade.
AT&T shares dove 4.79% after the company reported a net loss of cellphone subscribers in the first quarter.
Adding to losses, OPKO Health slipped 0.14% after announcing the acquisition of Israel-based biopharmaceutical company Prolor Biotech in an all-stock deal valued at USD480 million to expand its portfolio of specialty drugs.
On the upside, Virgin Media gained 0.49% after the cable operator reported a 54% rise in first quarter free cash flow and announced a series of major business deals.
Elsewhere, Yum Brands saw shares surge 6.84% after reporting late Tuesday that quarterly profit fell less than market expectations, despite a sharp drop in sales in its top China market.
Financial stocks were also broadly higher, with Goldman Sachs adding 0.17% and JP Morgan gaining 0.39%, while Citigroup and Bank of America climbed 0.60% and 0.83% respectively.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped 1.15%, France’s CAC 40 rallied 1.15%, Germany's DAX advanced 1.03%, while Britain's FTSE 100 added 0.37%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.73%, while Japan’s Nikkei 225 Index rallied 2.19%.