Market Volatility Subsides Amid Surge In Tech Stocks

U.S. markets closed higher on Wednesday, with the Nasdaq Composite jumping around 1.6%.

Among 11 major sectors on the S&P 500, 7 of those traded in green, with consumer discretionary and information technology stocks recording the biggest surge. Utilities, however, was the worst performing sector in the previous session.

The Dow Jones climbed 47.79 points to 31,874.84, while the S&P 500 added 0.59%, to 3,959.9 in the previous session.

However, trading level remained volatile amid thin volumes, with the Chicago Board Options Exchange's CBOE Volatility Index (VIX) settling at 23.79 points to its lowest level in around three months.

Shares of Baker Hughes Company BKR dropped around 8.3% on Wednesday, making it as the biggest S&P loser in terms of percentage, after the company reported downbeat adjusted profit for the recent quarter.

Tesla, Inc. TSLA, meanwhile, reported upbeat earnings for its second quarter after the closing bell on Wednesday.

Analysts now project aggregate S&P 500 profits increasing 5.9% year-over-year during this earnings season, compared to the 6.8% forecast at the beginning of the quarter.

Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, with analysts expecting claims to come in at 240,000 in the July 16 week, down from 244,000 in the previous week.