Stocks have moved mostly higher during trading on Wednesday, with the major averages all moving to the upside after ending the previous session narrowly mixed. The tech-heavy Nasdaq has led the advance, reaching its best intraday level in over two years.
Currently, the Nasdaq and S&P 500 are just off their highs of the session. The Nasdaq is up 163.42 points or 1.1 percent at 15,589.36 and the S&P 500 is up 29.59 points or 0.6 percent at 4,894.19, while the Dow is posting a more modest gain, up 81.08 points or 0.2 percent at 37,986.53.
Technology stocks have helped lead the way higher on Wall Street, as reflected by the standout gain being posted by the Nasdaq.
The strength in the tech sector comes as shares of Netflix (NFLX) have shown a substantial upward move, soaring by 12.6 percent.
Netflix is rallying after the streaming giant reported better than expected fourth quarter revenues on stronger than expected subscriber growth.
Dutch chip equipment maker ASML (ASML) has also soared by 8.7 percent after reporting better than expected fourth quarter results.
The strong results have added to optimism about earnings from other tech companies, with IBM Corp. (IBM) among the companies releasing their quarter results after the close of today’s trading.
At the same time, shares of Texas Instruments (TXN) have slumped after the chipmaker reported fourth quarter revenues that missed analyst estimates and provided disappointing first quarter guidance.
Telecom giant AT&T (T) has also moved the downside after reporting weaker than expected first quarter earnings and forecasting 2024 earnings below analyst estimates.
Sector News
Oil service stocks have shown a substantial move to the upside on the day, driving the Philadelphia Oil Service Index up by 2.7 percent.
The rally by oil service stocks comes amid an increase by the price of crude oil, with crude for March delivery climbing $0.32 to $74.69 a barrel.
Significant strength is also visible among semiconductor stocks, as reflected by the 2.4 percent surge by the Philadelphia Semiconductor Index. With the jump, the index has reached a record intraday high.
While ASML is leading the sector higher, Advanced Micro Devices (AMD) is also posting a standout gain after New Street Research upgraded its rating on the chip maker’s stock to Buy from Neutral.
Computer hardware, software and financial stocks are also seeing considerable strength, while gold stocks have moved notably lower amid a modest decrease by the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index slid by 0.8 percent, while Hong Kong’s Hang Seng Index surged by 3.6 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has jumped by 1.6 percent, the French CAC 40 Index is up by 1.0 percent and the U.K.’s FTSE 100 Index is up by 0.6 percent.
In the bond market, treasuries have given back ground after an early upward move but remain modestly higher. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.8 basis points at 4.124 percent.
Business News
Upbeat Netflix Results Contributing To Strength On Wall Street
2024-01-24 15:58:58
