U.S. stocks opened higher on Wednesday, following stronger-than-expected earnings results from Alcoa Inc. (NYSE:AA).
Shares of the aluminum producer gained 4.55 percent to $13.10 in early trading after the company kicked off the spring earnings season by posting first-quarter EPS of 9 cents per share, excluding items, 4 cents above Wall Street estimates, as revenue came in at $5.45 billion, compared to analysts expectations of $5.55 billion.
Facebook Inc. (NASDAQ:FB) shares climbed 3.06 percent to $59.97 a day after technology stocks bounced back from a selloff. Priceline Group Inc. (NASDAQ:PCLN) and Zynga Inc. (NASDAQ:ZNGA) shares gained, while Tesla Motors Inc. (NASDAQ:TSLA) stock edged down in early trading.
LinkedIn Corp. (NYSE:LNKED) received a boost and rose 2.68 percent to $173.64 after Topeka Capital Markets upgraded shares of the networking site to “buy” from “hold,” while maintaining its $230 price target.
Meanwhile, Intel Corporation (NASDAQ:INTC) shares edged down 0.41 percent to $26.81 after the chip maker announced plans to close its Costa Rica plant, cutting 1,500 jobs.
Ahead on the economic calendar, investors look to minutes from the Federal Reserve's last policy meeting in March, scheduled to be released Wednesday at 2 p.m. Eastern.