Wall Street in Lull as Indexes Drift   05/08 10:25

   U.S. stocks are drifting Wednesday as Wall Street remains in a lull.

   NEW YORK (AP) -- U.S. stocks are drifting Wednesday as Wall Street remains 
in a lull.

   The S&P 500 was virtually unchanged in morning trading after a big three-day 
winning streak gave way to a tiny gain the prior day. The Dow Jones Industrial 
Average was up by 49 points, or less than 0.1%, as of 10:45 a.m. Eastern time, 
and the Nasdaq composite was basically flat.

   Uber Technologies slumped 7.6% after reporting worse results for the latest 
quarter than analysts expected. It also gave a forecasted range for bookings in 
the current quarter whose midpoint fell below analysts'.

   Shopify tumbled 19.8% despite reporting better profit and revenue for the 
latest quarter than analysts expected. The company, which helps people and 
businesses sell things online, said its revenue growth would likely slow this 
quarter and that it would likely make less profit off each $1 in revenue.

   Match Group sank 6.8% despite topping profit expectations. The company 
behind Tinder, Hinge and other apps gave a forecast for revenue in the current 
quarter that fell short of analysts. It said its efforts to make Tinder better 
for women and Gen Z customers in particular have hurt some performance 
measurements in the short term.

   Intel fell 2.6% after saying the U.S. Commerce Department revoked licenses 
for exports to a Chinese customer. That could cause its revenue for the current 
quarter to fall below the midpoint of the forecasted range it had earlier given.

   They helped to offset Lyft, which revved 8.2% higher after topping 
expectations for profit and revenue. It said growth was particularly strong for 
early-morning, commute and weekend-evening trips.

   Reddit was another winner and rose 4.2% after delivering its first quarterly 
report as a publicly traded company. It reported a milder loss and better 
revenue than expected, while also giving a stronger-than-expected forecast for 
revenue in the current quarter.

   Arista Networks climbed 7.4% for one of the biggest gains in the S&P 500 
after topping expectations for both profit and revenue.

   Most companies have been reporting stronger profits for the start of the 
year than analysts expected. That and newly revived hopes for coming cuts to 
interest rates by the Federal Reserve have helped the U.S. stock market to 
recover from its rough April.

   Treasury yields have largely been easing since Federal Reserve Chair Jerome 
Powell said last week that it remains closer to cutting its main interest rate 
than hiking it, despite a string of stubbornly high readings on inflation this 
year. A cooler-than-expected jobs report on Friday, meanwhile, suggested the 
U.S. economy could pull off the balancing act of staying solid enough to avoid 
a bad recession without being so strong that it keeps inflation too high.

   The yield on the 10-year Treasury recovered some of those losses to add more 
pressure on the stock market. It rose to 4.48% from 4.46% late Tuesday.

   The yield on the two-year Treasury, which moves closer with expectations for 
action by the Fed, edged down to 4.82% from 4.83%.

   In stock markets abroad, indexes fell across much of Asia. Japan's Nikkei 
225 dropped 1.6% after Nintendo forecast that its net profit would fall in the 
upcoming fiscal year and announced that news of a successor product to its 
popular Switch device will be made by March 2025.

   Stock indexes rose modestly in Europe.