From Nasdaq:

Wall Street rallied on Wednesday with the benchmark S&P 500 reaching record intraday levels, boosted by Netflix’s strong subscriber growth and ASML Holding’s stellar earnings. Netflix shares soared 12.9% to a two-year high. The communication services sector also rose 1.6%. However, AT&T shed 2%, and DuPont De Nemours slid 13.4% after forecasting a Q4 loss.

The Dow Jones and S&P 500 are at record highs, with the Nasdaq around 4% away from its highest levels. Chip stocks, including Nvidia, AMD, and Intel, gained between 1.1% and 3.4%. The S&P 500 is currently trading around 20 times forward 12-month earnings. Megacaps such as Microsoft, Amazon, and Meta Platforms, rose between 0.5% and 1.7%.

The Dow Jones Industrial Average was up 0.24%, the S&P 500 up 0.45%, and the Nasdaq Composite up 0.67% at 9:49 a.m. ET. A survey indicated that U.S. business activitypicked up in January, and inflation seemed to abate, pointing to a strong start to 2024. Investors have reassessed their bets due to the U.S. economy’s strength and uncertainty over the timing of interest rate cuts.

Traders now see an 87% chance of a rate cut in May, later than previously expected. Cloud firms Cloudflare, Snowflake, and ServiceNow rose more than 1.3% each due to German software firm SAP’s strong annual revenue growth forecast. U.S.-listed shares of Alibaba, Bilibili, and Li Auto rose between 1.6% and 3.0% following China’s central bank announcement of a deep cut to bank reserves. Advances outnumbered decliners by a significant ratio on both the NYSE and Nasdaq.



Read more: US STOCKS-S&P 500 scales record high on boost from Netflix, chip stocks