Stocks rise on solid earnings, tech rebound; Peloton drops

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Wednesday, May 5, 2021. Major Asian stock markets advanced Wednesday after Wall Street fell, while Chinese and Japanese markets were closed for holidays. (AP Photo/Vincent Yu)

People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Wednesday, May 5, 2021. Major Asian stock markets advanced Wednesday after Wall Street fell, while Chinese and Japanese markets were closed for holidays. (AP Photo/Vincent Yu)

People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Wednesday, May 5, 2021. Major Asian stock markets advanced Wednesday after Wall Street fell, while Chinese and Japanese markets were closed for holidays. (AP Photo/Vincent Yu)

A rebound in technology companies helped lift stocks on Wall Street slightly higher Wednesday afternoon, making up for some of the market's losses from a day earlier.

The S&P 500 was up 0.4% as of 1:26 p.m. Eastern. The Dow Jones Industrial Average was up 127 points, or 0.4%, to 34,261, while the tech-heavy Nasdaq Composite was up 0.2%.

Apple was one of the more notable gainers after falling the day before. The iPhone maker was up 1.1%. The rally in technology companies had the sector on track to snap a six-day losing streak.

Investors remain focused on earnings season, which has been better than expected. More than half of the companies in the S&P 500 have reported their results so far this earnings season, which show profit growth of 54%, according to FactSet.

General Motors shares rose 3.9% after the company posted a solid quarterly profit compared to a year earlier, but also affirmed its full-year outlook despite the automaker — like much of its competition — having to contend with a chip shortage that is impacting production.

Under Armour also jumped 8.1% for the biggest gain in the S&P 500 after the athletic apparel company reported better-than-expected results. Traders also cheered video game maker Activision Blizzard's latest quarterly report card, driving shares 3.2% higher.

Facebook shares slipped 0.4% after the company announced its independent oversight board would continue to ban former President Donald Trump from the platform. Trump's account had been suspended indefinitely after the January 6 insurrection at the capital, where his rhetoric has been blamed for the riots. The board did say that the company must decide if the ban is permanent.

Shares of exercise equipment company Peloton Interactive skidded 14.1% after the company voluntarily recalled its treadmills after dozens of reports of injuries to children and pets, and at least one death. The $4,200 treadmill was the company's biggest expansion beyond its traditional exercise bike program.

Later this week, investors' attention will turn to the jobs report for April. Economists expect the data to show employers hired 975,000 workers last month as the economy accelerated out of the pandemic and vaccines rolled out nationwide. The unemployment rate is expected to drop to 5.8% from 6%.

A private sector jobs report released by payroll processing company ADP found that private employers created 742,000 jobs last month, which was less than the 896,000 jobs that were expected by economics.

Bond yields were stable on Wednesday, with the 10-year Treasury note trading at a yield of 1.59%, unchanged from a day before.