Note: Figures recorded at 7:30am AEDT. Updated figures and a video recording will be available at 9am AEDT.
The S&P 500 rose Wednesday as a number of big tech stocks rallied, pushing the broader market to new heights.
The benchmark S&P 500 climbed 0.3%, on track to clinch a new all-time closing record. The technology-heavy Nasdaq Composite advanced 0.6%. The Dow Jones Industrial Average traded 13 points lower, sitting near flat.
Netflix shares surged nearly 12% after the streamer said its total subscriber count hit an all-time high of 260.8 million. Revenue topped analysts’ estimates, as did current-quarter earnings guidance.
Elsewhere, Microsoft rose more than 1%, sending its market value briefly higher than $3 trillion for the first time. Meta advanced nearly 2%, bringing the Facebook parent’s market cap above $1 trillion.
Both gains added to mega-cap tech’s strong performance in 2024, which have propelled the S&P 500 to record highs and confirmed a new bull market. Communication services and information technology stocks boosted the broad index on Wednesday.
Beyond technology, AT&T slipped more than 3% on lower-than-expected earnings. Dupont De Nemours tumbled more than 13% after preannouncing weak fourth-quarter results and issuing disappointing first-quarter guidance.
Earnings reports will remain a focus of traders, with Tesla, Las Vegas Sands and IBM due after the bell. Of the more than 16% of S&P 500 companies that have reported quarterly financials thus far in the earnings season, over 71% have surpassed Wall Street expectations, according to FactSet.
In commodity-related news, US crude oil prices surged over 1% as winter storms disrupted domestic production, resulting in a 1 million barrel per day decline in U.S. crude production and a 9.2 million barrel drop in commercial crude inventories for the week ending January 19. This development eased concerns about oversupply amid China's economic slowdown.
Figures around the globe
European markets closed higher. London’s FTSE added 0.56 per cent, Frankfurt gained 1.58 per cent, and Paris closed 0.92 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei fell 0.80 per cent, Hong Kong’s Hang Seng gained 3.56 per cent and China’s Shanghai Composite closed 1.80 per cent higher.
The Australian share market closed 0.06 per cent higher at 7,519.19.
Dividends payable
360 Capital Group (ASX:TGP)
360 Capital REIT (ASX:TOT)
RAM Essential Services Property Fund (ASX:REP)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
