Megacap tech powers S&P 500 higher
The S&P 500 set a fresh intraday record but ended just shy of an all-time closing high. The Nasdaq 100 soared 1.3%, and the Russell 2000 dipped 0.6% on Wednesday.
It’s the first session since February 23, 2000, that the S&P 500 closed up at least 0.5%, with decliners outnumbering advancers by more than 150.
Gains were concentrated in just two S&P sectors: tech, which was up over 2%, and communication services, which advanced 1%. Utilities and energy stocks weighed on returns.
The Magnificent 7 matched the Nasdaq 100 on the day. Nvidia led the way higher, widening the gap between itself and Apple, while Tesla was the only member of the cohort that fell.
Like the S&P 500, Netflix hit a record high; unlike the benchmark index, it managed to close at one, too. The streaming giant reported stellar earnings and huge subscriber growth after the close on Tuesday, with Wall Street thinking the stock has more room to run even after Wednesday’s massive gain.
Moderna was also among the S&P 500 stocks that rallied the most on aspirational commentary from Oracle’s Larry Ellison that Project Stargate might result in a cure for cancer.
California utility Edison International and First Solar were at the bottom of the S&P 500’s leaderboard.
