The S&P500 pushed to new record highs in afternoon trading on Wednesday, extending a three-day rally and setting expectations for a fourth straight gain.
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By midday, the benchmark index in New York was hovering around 6,963.30, up 0.3%. The Nasdaq100 performed better, with an increase of 0.7%, while both Dow Jones Industrial Average and the Russell 2000 fell modestly after three consecutive positive sessions.
Technical power defined the session. Intel Corp. (NASDAQ:INTC) rose nearly 7%, surpassing mega-cap gainers as investors cheered the new product lineup unveiled at CES, including reports of a gaming-focused processor and platform.
Within the Beautiful Seven, Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) rose by 2.3%, while Apple Inc. (NASDAQ:AAPL) traded flat after five consecutive sessions of losses. The move allowed Google’s parent company to overtake Apple as the world’s second-largest company by market value.
Macro data offered mixed signals. ADP data shows private sector payrolls likely rose by 41,000 in December, following a revised decline of 29,000 in November. The report suggested modest stabilization in hiring trends after recent weakness, but still below levels consistent with a healthy labor market.
Raw materials were under broad pressure. Oil prices fell by more than 1% to $56 per barrel after President Donald Trump Venezuelan authorities have been ordered to sell between 30 and 50 million barrels of sanctioned oil to the US at market prices.
Precious and industrial metals retreated sharply after recent rallies. Silver fell more than 3% to $77 an ounce. Gold fell almost 1% to $4,450. Copper fell 3.1% to $5.87 palladium fell almost 7% and platinum decreased by 5%.
Crypto assets also weakened. Bitcoin (CRYPTO: BTC) fell 2.6% to $91,000, on pace for the worst session in a month.
Wednesday’s performance in the major US indices and ETFs
| Important indexes | Price | % Change |
|---|---|---|
| Nasdaq100 | 25,816.92 | +0.7% |
| S&P500 | 6,963.30 | +0.3% |
| Dow Jones | 49,341.19 | -0.2% |
| Russell 2000 | 2,572.09 | -0.4% |
According to Benzinga Pro facts:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.2% to $637.24.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.4% to $492.69.
- The tech heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.6% to $627.24.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.4% to $255.13.
- The Healthcare Select Sector SPDR Fund (NYSE:XLV) outperformed, up 0.9%; the Utilities Select Sector SPDR Fund (NYSE:XLU) lagged behind with a decline of 1.7%.
Russell 1000’s top 5 winners and losers on Wednesday
| Stock name | % Change |
|---|---|
| Primo Brands Corp. (NYSE:PRMB) | +7.48% |
| Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) | +7.02% |
| Intel Corp. | +6.93% |
| Aurora Innovation, Inc. (NASDAQ:AUR) | +6.25% |
| Datadog, Inc. (NASDAQ: DOG) | +5.96% |
| Stock name | % Change |
|---|---|
| Skyworks Solutions, Inc. (NASDAQ:SWKS) | -11.83% |
| Fermi Inc. (NASDAQ:FERM) | -11.42% |
| AST SpaceMobile, Inc. (NASDAQ:ASTS) | -11.35% |
| Western Digital Corp. (NASDAQ:WDC) | -9.47% |
| First Solar, Inc. (NASDAQ:FSLR) | -9.42% |
Photo: Shutterstock
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