Dow Pulls Back Near Unchanged Line But Nasdaq Remains Firmly Positive

(RTTNews) - Stocks moved mostly higher early in the session on Wednesday and continue to turn in a strong performance in afternoon trading. With the upward move, the S&P 500 reached a new record intraday high, while the Nasdaq jumped to its best intraday level in over two years.

The major averages have given back ground in recent trading, with the Dow pulling back near the unchanged line. The blue chip index is currently up just 29.80 points or 0.1 percent at 37,935.25.

Meanwhile, the Nasdaq and the S&P 500 have pulled back off their best levels but remain more firmly positive. The Nasdaq is up 138.90 points or 0.9 percent at 15,564.85, while the S&P 500 is up 24.53 points or 0.5 percent at 4,889.13.

Technology stocks helped lead the way higher in early trading on Wall Street, with shares of Netflix (NFLX) soaring by 12.0 percent.

Netflix is rallying after the streaming giant reported better than expected fourth quarter revenues on stronger than expected subscriber growth.

Dutch chip equipment maker ASML (ASML) has also spiked by 10.2 percent after reporting better than expected fourth quarter results.

The strong results have added to optimism about earnings from other tech companies, with IBM Corp. (IBM) among the companies releasing their quarter results after the close of today's trading.

At the same time, shares of Texas Instruments (TXN) have slumped after the chipmaker reported fourth quarter revenues that missed analyst estimates and provided disappointing first quarter guidance.

Telecom giant AT&T (T) has also moved the downside after reporting weaker than expected first quarter earnings and forecasting 2024 earnings below analyst estimates.

Sector News

Oil service stocks continue to see substantial strength on the day, resulting in a 2.6 percent spike by the Philadelphia Oil Service Index.

The rally by oil service stocks comes amid an increase by the price of crude oil, with crude for March delivery climbing $0.59 to $74.96 a barrel.

Significant strength also remains visible among semiconductor stocks, as reflected by the 2.2 percent surge by the Philadelphia Semiconductor Index. With the jump, the index has reached a record intraday high.

While ASML is leading the sector higher, Advanced Micro Devices (AMD) is also posting a standout gain after New Street Research upgraded its rating on the chip maker's stock to Buy from Neutral.

Computer hardware, software and financial stocks are also seeing considerable strength, while gold stocks have moved sharply lower amid a modest decrease by the price of the precious metal.

Interest rate-sensitive utilities and housing stocks have also come under pressure over the course of the session amid a rebound by treasury yields.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index slid by 0.8 percent, while Hong Kong's Hang Seng Index surged by 3.6 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index jumped by 1.6 percent, the French CAC 40 Index advanced by 0.9 percent and the U.K.'s FTSE 100 Index climbed by 0.6 percent.

In the bond market, treasuries have come under pressure over the course of the session after seeing initial strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.0 basis points at 4.172 percent.