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

Alexandra Canal y Karen Friar
Actualización:

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.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

HA FINALIZADO LA COBERTURA EN DIRECTO9 actualizaciones
  • Alexandra Canal

    Tesla stock drops 4% as earnings disappoint

    Tesla (TSLA) reported adjusted earnings that missed expectations in the fourth quarter while margins and outlook also disappointed amid the EV maker's China price war.

    As Yahoo Finance's Pras Subramanian reports, the company issued a downbeat full-year production outlook, which sent shares down about 4% in after-hours trading.

    Tesla said its "vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas," indicating it would not reach Street estimates of 2.19 million for 2024, which would have been a 21% increase from 2023.

    Read the full earnings breakdown here.

  • Josh Schafer

    History shows record highs aren't a bad time to buy stocks

    The S&P 500 is pacing for another record high close on Wednesday.

    And while investors may fret at buying the benchmark index at its highest level ever, a historical chart shared by Creative Planning CEO Peter Mallouk shows there's actually no better time to get in the market.

    The chart shows that money invested at all-time highs, on average, performs better over the next five years than money invested on any given day.

    "A lot of people think the market goes up and down and so you know, if it's an all time high, well, it's gonna go down," Mallouk explained to Yahoo Finance. "And that's not really how the market works. The market generally goes up. It just has periods where it's down."

    Mallouk says investor sentiment can often shift to a simple theory that what goes up must come down. This however, is against the general trend of the broad stock indexes, which in the long run have chugged higher. And while it might not feel like it since markets just took almost two years to hit new highs, overtime markets hit a new all-time high every 19 days, per Mallouk.

    "The key is to deploy your capital," Mallouk said. "If you are sitting on the sidelines, you're far more likely to be worse off than someone who is invested and happens to catch a doubt market right after they invest."

  • Alexandra Canal

    Stocks trending in afternoon trading

    Here are the stocks trending on the Yahoo Finance homepage in afternoon trading on Wednesday:

    Nvidia (NVDA): Shares of the chipmaker, which are trading at record highs, climbed 4% on Wednesday as the AI-fueled rally continues. The moves come after analysts at KeyBanc upped their price target on the stock to $740 from $650 last week. Adding to positive industry sentiment, Dutch chipmaker ASML (ASML) reported orders tripled in the quarter from the previous three months.

    Netflix (NFLX): Netflix said Tuesday that its fourth quarter subscriber additions surged, topping its own forecast and sending its stock as much as 14% higher in early trading on Wednesday. Wall Street analysts largely praised the report, although some believe the stock valuation may be too high.

    AMD (AMD): Shares of the semiconductor giant, which have climbed 20% since the start of the year, jumped more than 5% on Wednesday after NewStreet Research’s Pierre Ferragu upgraded the stock to Buy from Hold. AMD, similar to Nvidia, has been one of the beneficiaries of the AI wave.

    Microsoft (MSFT): Shares of the tech giant traded above 1% in afternoon trading after the stock briefly surpassed a $3 trillion market cap — the second company to hit that level, following Apple (AAPL). The company's stock has been fueled by further advancements in its cloud division and, you guessed it, AI optimism.

  • Alexandra Canal

    Is Netflix stock overblown?

    MoffettNathansoNetflix (NFLX) shares surged double digits on Wednesday, climbing at much at 14%, after the streaming giant reported strong fourth quarter earnings with subscribers topping 13 million.

    Wall Street overwhelmingly applauded the report with analysts upping their price targets across the board.

    Still, some warned of an overblown valuation while others have advised their clients to sit on the sidelines, at least for now.

    Netflix's double-digit subscriber gains may not be sustainable as the streamer slowly completes its password-sharing crackdown, according to some analysts.

    "While we project subscriber growth will remain relatively high, we think the catalysts that led to outsize growth last year will significantly subside in 2024," Morningstar analyst Matthew Dolgin wrote in a note on Wednesday. "But our sober look at the level of net member additions shouldn’t obscure how impressive Netflix’s performance has been."

    Despite that strong performance, however, the analyst, who upped his price target to $425 from $410, warned "the stock has gotten ahead of itself even as we expect Netflix to remain dominant."

    MoffettNathanson had a similar view point: "We are concerned that the current subscriber growth in US/Canada and Western European markets represent a pull-forward driven by 'interventions' of the most highly engaged password sharers, which could create a subscriber headwind pocket in the middle of this year."

    In other words, the juice from the password crackdown has been all but squeezed.

    "That pull-forward, as well as a potential churn spike from increased pricing on the high end of Netflix’s rate card, could come together to spook the market and re-set Netflix’s multiple yet again," analyst Michael Nathanson said. He maintained his Neutral rating on the stock as a result.

    Deutsche Bank also cautioned against the streamer's valuation, downgrading its rating to Hold from Buy.

    "Netflix is still the best story in media among the vertically integrated producers/programmers/distributors," lead analyst Bryan Kraft wrote. "However, we think that Netflix's leadership position is fully priced into the stock at these levels."

    Kraft, who raised his price target to $525 from $460, added, "We see this as leaving little room for multiple expansion given what we think will be peak EPS growth in 2024."

    Read more here.

  • Alexandra Canal

    Nasdaq pops more than 1%

    The tech-heavy Nasdaq Composite (^IXIC) led mid-afternoon gains on Wednesday with the index soaring about 1.2%, or nearly 200 points.

    The moves come on the heels of strong earnings from Netflix (NFLX) while tech giants including Meta (META), Microsoft (MSFT), and Google (GOOGL) added to the AI-fueled rally.

    The S&P 500 (^GSPC), meanwhile, climbed 0.7% in afternoon trading as it eyes yet another record close. The Dow Jones Industrial Average (^DJI) rose about 0.3%, or more than 100 points.

  • Alexandra Canal

    Big Tech boom

    It's a good day to be a tech stock.

    Meta (META) shares climbed about 2% to trade above $390. The strong moves propelled the stock to a $1 trillion market cap for the first time since 2021 as the tech giant extends its recent rally following Mark Zuckerberg's "year of efficiency." The stock is up more than 10% year to date.

    Microsoft (MSFT), meanwhile, climbed above 1% to briefly surpass a $3 trillion market cap. It's only the second company to hit that level, following Apple (AAPL). Shares of Microsoft have climbed roughly 7% since the start of the year.

    Alphabet (GOOGL) joined in on the fun, as well. The parent company of Google is on its way to a record close after the stock climbed above 1% in intraday trading to surpass its all-time closing high for the first time in more than two years.

    The Nasdaq Composite (^IXIC) led the broader market gains on the heels of these moves — up nearly 1%, or about 150 points.

  • Alexandra Canal

    Earnings, earnings, earnings

    It's a busy week for corporate earnings with 74 companies reporting this week, representing 15% of the S&P 500.

    According to Fundstrat, 66% of firms are beating estimates, and those that "beat" are beating by a median of 7%. Of the 31% missing, those are missing by a median of -12%.

    On the top line, overall results are beating estimates by a median of 2% and missing by a median of -2%, and 62% of those reporting are beating estimates, the research firm added.

    A big report on the docket for Wednesday is Tesla (TSLA), which has seen shares fall about 15% since the start of the year. As Yahoo Finance's Pras Subramanian reports, the EV maker is expected to post a year-over-year drop in profitability due to downward pressure on margins amid cost-cutting efforts.

    The results come on the heels of an especially positive report from Netflix (NFLX), which reported strong growth numbers in the fourth quarter.

    The streaming giant added 13 million new subscribers, in addition to offering Q1 guidance that beat Wall Street's expectations. Shares surged double digits in early market trading. Check out the full earnings recap here.

    In another earnings win, Dutch chipmaker ASML (ASML) reported orders tripled in the quarter from the previous three months, a positive sign for the semiconductor industry. Shares climbed about 7%.

  • Josh Schafer

    US economic output hits 7-month high

    Economic output hit its highest level in seven months during January.

    S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 52.3 in January, up from 50.9 in December and better than the 51.0 that had been expected by economists.

    S&P reported business confidence reached a 20-month high while prices charged, a measure of inflation, rose at its slowest pace since May 2020. The manufacturing index saw the largest increase with a reading of 50.3 up from 47.9, the month prior. The services component of S&P's report showed the index registered 52.9 this month, up from 51.4 in December.

    Any reading above 50 for these indexes represents expansion in the sector; readings below 50 indicate contraction.

    “An encouraging start to the year is indicated for the US economy by the flash PMI data, with companies reporting a marked acceleration of growth alongside a sharp cooling of inflation pressures," Chris Williamson, the chief business economist at S&P Global Market Intelligence, said in the release.

    Source: S&P Global
    Source: S&P Global
  • Alexandra Canal

    Markets open higher as S&P heads for another record high

    Stocks opened higher on Wednesday with the S&P 500 (^GSPC) on pace to achieve another record close.

    The benchmark index added 0.6%, building on the new closing high hit on Tuesday, while the Dow Jones Industrial Average (^DJI) rose about 0.4%, or nearly 150 points.

    The Nasdaq Composite (^IXIC), buoyed by Netflix's strong results, surged about 0.9% as tech stocks once again take center stage with Tesla results on tap after the bell.

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