The S&P 500 achieved a record high for the second consecutive session on Wednesday, as major stock indexes closed slightly higher, maintaining a positive momentum from the previous week.
Stock Performance Overview
The S&P 500 and Dow Jones Industrial Average each gained 0.2%, while the Nasdaq Composite added 0.1%, marking its fifth consecutive day of gains. All three indexes are continuing their upward trend from last week, with the Dow and Nasdaq now less than 1% away from their own record highs.
Tech Stocks: Mixed Results
Shares of major tech companies showed mixed results. Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG), Tesla (TSLA), and Broadcom (AVGO) posted gains, while Nvidia (NVDA), Amazon (AMZN), and Meta Platforms (META) retreated. For Meta, it marked the second consecutive day of declines following a 20-session winning streak.
Supermicro and Palantir: Diverging Performances
Super Micro Computer (SMCI) shares surged 8%, continuing a strong rally after the company’s optimistic outlook for AI-driven sales growth. The stock rose as much as 19% during Wednesday’s session and has gained 56% over the past week.
In contrast, Palantir (PLTR) shares dropped 10% after reaching an all-time high earlier in the day. The stock experienced a sharp decline in the final hour of trading, following news that the Trump administration had directed the Pentagon to reduce the U.S. defense budget.
Other Earnings Reports
Several stocks saw significant moves following the release of quarterly earnings. Toll Bros (TOL) and Arista Networks (ANET) each dropped around 6%. However, Celanese (CE) saw the largest decline, plunging 21%, making it the biggest loser in the S&P 500. On the flip side, Analog Devices (ADI) and Garmin (GRMN) saw gains of nearly 10% and 13%, respectively, following their earnings reports.
Treasury Yields and Economic Outlook
The yield on 10-year Treasurys remained stable at 4.54%, as expectations about interest rate movements held steady. The Federal Reserve has signaled that it is in no rush to cut its benchmark rate, according to the latest minutes from its January policy meeting, which were released Wednesday afternoon. Concerns about persistent inflation and uncertainties surrounding Trump’s economic policies were highlighted in the report.
Commodities and Bitcoin
Bitcoin rose to $96,500, up from an overnight low of around $94,000. Gold futures dipped slightly to around $2,940 per ounce, while West Texas Intermediate crude oil saw a 0.6% increase, reaching $72.25 per barrel.
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