Stocks rose in early trading Wednesday, extending a rally that has put major indexes within sight of record highs.
The Dow Jones Industrial Average was up 0.2% about 20 minutes after the opening bell, while the S&P 500 and Nasdaq Composite advanced 0.6% and 1.2%, respectively. The major indexes are coming off of two consecutive days of solid gains as investors respond to strong earnings reports and steps taken by President Donald Trump in his first few days in office.
Coming into Wednesday’s session, the S&P 500 was less than 1% away from a new all-time high, while the Dow and Nasdaq Composite are about 2% away from their own record highs.
Netflix (NFLX) was the big mover in early trading Wednesday, with shares up 13%, after the streaming giant late Tuesday reported results that beat expectations and raised its revenue outlook as subscriber numbers jumped.
Shares of Oracle (ORCL) were up 6%, adding to yesterday’s 7% surge, after Trump announced late Tuesday that the software maker would team up with OpenAI and Japan’s SoftBank on a $500 billion project to build AI infrastructure.
Among the big-name companies gaining ground after reporting results this morning, insurer Travelers (TRV) was up nearly 4%, while consumer products giant Procter & Gamble (PG) and energy company GE Vernova (GEV) each tacked on 3%. Johnson & Johnson (JNJ) was down more than 3% despite beating Wall Street estimates on the top and bottom lines.
Mega-cap technology stocks were mostly higher, led by shares of Shares of AI investor favorite Nvidia (NVDA), which rose 4%. Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META) and Broadcom (AVGO) also rose , while Tesla (TSLA) lost ground.
Bitcoin was at $104,100 this morning, down from an overnight high near $107,000. The digital currency, which hit a record high above $109,000 on Monday ahead of Trump’s inauguration, has surged 50% since the election amid investor hopes the new administration will adopt measures that support the cryptocurrency market.
The yield on 10-year Treasurys, which is correlated with expectations about where interest rates are headed was holding steady at 4.57%, after hitting its lowest level in two weeks yesterday.
Gold futures were little changed at around $2,760 an ounce in recent trading, while crude oil futures fell slightly.
The stock market got off to a strong start today as investors digested a slew of earnings reports from major companies. The overall mood was positive, with most major indexes trending upward in early trading.
One standout performer was Netflix, whose stock soared after reporting better-than-expected earnings results. The streaming giant’s revenue and subscriber numbers exceeded expectations, sending its stock price up by over 10% in premarket trading.
Investors were particularly impressed with Netflix’s ability to attract and retain subscribers, despite increased competition in the streaming space. The company’s strong content lineup and global expansion efforts were cited as key factors contributing to its success.
Overall, the market seems to be shrugging off concerns about inflation and interest rate hikes, focusing instead on the strong corporate earnings being reported. With many companies beating expectations and providing optimistic outlooks for the future, investors are feeling confident about the state of the economy.
As the day progresses, market analysts will be keeping a close eye on how the rest of the earnings season unfolds and how it may impact stock prices in the coming weeks. But for now, it looks like investors have plenty to be optimistic about.
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