After the previous day’s sharp rebound in chips and technology stocks, on Wednesday the three major U.S. stock indexes traded in a narrow range at high levels throughout the day, with investors taking a wait-and-see approach.

In the U.S. Eastern time zone, as of the close on July 22, the S&P 500 edged down 0.1% to close at 7,509.20. The Nasdaq Composite inched down 0.3% to close at 25,837.21. The Dow Jones Industrial Average added 61 points (+0.1%) to close at 52,224.64.

Overall, the market showed a very strong “cautious wait ahead of the big earnings reports” sentiment.

The worsening situation in the Middle East pushed Brent crude to break through the $92 to $94 per barrel range during the session, raising concerns in the market about a potential second rise in inflation.

Driven by this, the energy sector led the broader market against the trend.

With the yield on the 10-year U.S. Treasury note hovering near the high point around 4.60%, high-rate discounting suppressed the premium valuations of high price-to-earnings tech stocks, and investors overall positioned defensively ahead of the release of earnings reports.

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