The S&P 500 climbed to a fresh record on Wednesday, breaking above 5,600 for the first time due to a sharp rise in semiconductor stocks. The broad market index jumped 1.02%, closing at 5,633.91 and notching a seventh straight day of gains.
The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at 18,647.45. It was the 37th record close in 2024 for the S&P 500 and the 27th for the tech-heavy Nasdaq. The Dow Jones Industrial Average added 429.39 points, or 1.09%, to close at 39,721.36. Chip stocks were among the largest winners of the session, with Taiwan Semiconductor adding 3.5% after revenue from April to June came in ahead of Wall Street estimates.
Peer chip firms Qualcomm ticked higher by 0.8%, and Broadcom rose about 0.7%. Artificial intelligence darling Nvidia climbed 2.7%. Economists polled by Dow Jones expect a 0.1% month-over-month advance and a 3.1% year-on-year gain. Core CPI, which excludes energy and food prices, is forecast to have expanded 0.2% from the prior month and 3.4% from a year earlier. The producer price index is set for release Friday.
Spotify races ahead this year. It is believed that Spotify is the “Kleenex of streaming with a better product than Apple in terms of music and streaming. Spotify shares are up nearly 65% this year. Other stocks traders favour include Starbucks and First Citizen Bancshares.
HubSpot tumbled 13% after Bloomberg reports that Alphabet shelved efforts to buy HubSpot. Shares were off by more than 13% just after 3:30 p.m. ET.<\/p>\n","protected":false},"excerpt":{"rendered":"
The S&P 500 climbed to a fresh record on Wednesday, breaking above 5,600 for the first time due to a sharp rise in semiconductor stocks. The broad market index jumped 1.02%, closing at 5,633.91 and notching a seventh straight day of gains. The Nasdaq Composite advanced 1.18%, also hitting an all-time high and ending at …<\/p>\n","protected":false},"author":13,"featured_media":96553,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[8684,63,6978,6901,516,8679],"class_list":["post-103535","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-alphabet","tag-apple","tag-cpi","tag-nasdaq","tag-sp-500","tag-starbucks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/103535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=103535"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/103535\/revisions"}],"predecessor-version":[{"id":103555,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/103535\/revisions\/103555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/96553"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=103535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=103535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=103535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}