Stock market today: Tech stocks lead as S&P 500 logs another record close

Economy MARKET_WATCH

Stocks closed mixed on Wednesday with tech stocks leading the way as the the S&P 500 (^GSPC) notched yet another record close, its fourth in a row.

The Nasdaq Composite (^IXIC), which had popped more than 1% earlier in the session, saw gains moderate to close up about 0.4%. Strong earnings, led by Netflix, helped buoy the index while big tech giants like Microsoft (MSFT) and Meta (META) also climbed higher.

The S&P 500 closed flat but still notched a fresh closing high while the Dow Jones Industrial Average (^DJI) fell roughly 0.3%.

Meanwhile, blowout updates from chip gear maker ASML (ASML) and software maker SAP (SAP) lifted optimism for a chip industry revival and an AI-fueled boom in techs.

Magnificent Seven laggard Tesla (TSLA), the highlight in the cavalcade of corporate reports on Wednesday, posted an earnings miss as the EV maker faces a tough market and tough rivals in China. Tech stalwart IBM (IBM) reported revenue rose 4% last quarter, driven by AI demand.

While earnings are center stage, the debate over when the Federal Reserve will cut interest rates rumbles on.

With data driving expectations, updates on US manufacturing and services activity came in strong with economic output at its highest levels in seven months — just ahead of Thursday's first reading of Q4 GDP and Friday's release of the Fed-favored PCE inflation figures.

Source : Yahoo Finance / Jan 24, 2024

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