Dow, S&P close in on all-time highs
Netflix subscribers top estimates
Market seeing 'a tale of two cities' amid supply chain issues: Expert
Lane Generational founder and managing partner Fred Lane argues tech companies will remain profitable despite supply chain disruptions.
U.S. stock indexes flirted with record highs as earnings reports continued to mostly exceed expectations.
The Dow Jones Industrial Average rose 152 points, or 0.43%, while the S&P 500 index edged up 0.37% and the Nasdaq Composite index slipped 0.05%. Both the Dow and the S&P 500 finished about 0.1% below their respective peaks. The Nasdaq ended 1.6% below its all-time high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
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In stocks, Netflix Inc. beat on earnings and posted inline revenue as the company added 4.4 million users, easily exceeding estimates. The company expects to add 8.5 million subscribers in the current quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 872.60 | +7.01 | +0.81% |
Micron Technology Inc. plans to invest $150 billion to address the worldwide chip shortage over the next 10 years, including in a "potential U.S. fab expansion."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MU | MICRON TECHNOLOGY INC. | 98.55 | +0.60 | +0.61% |
| INTC | INTEL CORP. | 23.93 | -0.12 | -0.50% |
Facebook Inc. will change its group name next week as it seeks a makeover after coming under fire from lawmakers and regulators, according to a report from The Verge. The social network’s new name is expected to focus on the metaverse, a network of 3D worlds.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | NO DATA AVAILABLE | - | - | - |
United Airlines Holdings Inc. posted a narrower than expected loss as travel demand rebounded despite an uptick in new COVID-19 infections. The airline did not say when it expects to return to profitability.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 96.83 | +0.48 | +0.50% |
Meanwhile, Pinterest Inc. shares soared after Bloomberg News reported PayPal Inc. is in talks to buy the company for $45 billion, or $70 per share, mostly in stock.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PINS | PINTEREST INC. | 30.57 | +0.24 | +0.81% |
| PYPL | PAYPAL HOLDINGS INC. | 86.31 | -0.46 | -0.53% |
Elsewhere, oilfield services provider Baker Hughes Co. swung to a profit from a loss a year ago as crude oil prices bounced back, spurring demand for its business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BKR | BAKER HUGHES CO. | 43.69 | -0.26 | -0.59% |
Bitcoin surged to an all-time high on Wednesday, trading above $65,000 a day after the launch of the cryptocurrency's first exchange-traded fund, Proshares Bitcoin Strategy ETF.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BITO | PROSHARES BITCOIN STRATEGY ETF - USD DIS | 24.70 | -1.44 | -5.51% |
In commodities, West Texas Intermediate crude oil rose 91 cents to $83.87 a barrel while gold jumped $14.40 to $1,784.10 an ounce.
Overseas markets were mostly higher.
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European bourses rallied across the board with Germany’s DAX 30 ticking up 0.05%, Britain's FTSE 100 advancing 0.08% and France’s CAC 40 added 0.54%.
In Asia, China’s Shanghai Composite slipped 0.17%, Japan’s Nikkei 225 edged up 0.14% and Hong Kong’s Hang Seng index jumped 1.35%.