Tech Firms Pull Down Wall Street Amid Strong Corporate Profits

US stock futures edged higher Wednesday after a mixed finish on Wall Street the previous day. Despite some big tech companies losing ground, the Dow Jones industrial Average rose 263.24 points to reach another record.

The S&P 500 fell 12.97 points to close at 7,723.55, but still remains near its records. Several major tech firms, including Alphabet and Microsoft, dropped significantly.

Strong corporate profits have been driving the market higher, with three-quarters of companies in the S&P 500 having reported results so far this quarter. The market expects a 50% profit growth when all results are in.

Treasury yields slipped in the bond market, and oil prices held steady after months of volatility.