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S&P, NASDAQ Jump for 5th Straight Day

The S&P 500 rose Wednesday as Netflix led a broader rally among technology names, pushing the broader market to new heights.

The Dow Jones Industrials lost whatever momentum they enjoyed during the day and fell 98.93 points to close at 32,806.52, hurt by declines in Verizon and 3M a day after each reported earnings.

The S&P 500 index gained 3.95 points to 4,868.55.

The NASDAQ gathered 55.97 points to 15,481.92.

Netflix shares surged more than 10% after the streamer said its total subscriber count hit an all-time high of 260.8 million. Revenue topped analysts’ estimates, as did current-quarter earnings guidance.

Elsewhere, Microsoft rose nearly 1%, sending its market value briefly higher than $3 trillion for the first time. Meta advanced 1.4%, bringing the Facebook parent’s market cap above $1 trillion.

Beyond technology, AT&T slipped almost 3% on lower-than-expected earnings. Dupont De Nemours tumbled 14% after preannouncing weak fourth-quarter results and issuing disappointing first-quarter guidance.

Earnings reports will remain a focus of traders, with Tesla, Las Vegas Sands and IBM due after the bell. Of the more than 16% of S&P 500 companies that have reported quarterly financials thus far in the earnings season, over 71% have surpassed Wall Street expectations.

On the economic front, traders will be looking toward data on fourth quarter gross domestic product and the closely watched personal consumption expenditures price index expected later in the week.

Prices for the 10-year Treasury sagged, raising yields to 4.18% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.01 to $75.38 U.S. a barrel.

Gold prices dropped $12.60 to $2,013.20.

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