Stock Market Today: S&P 500 ekes out win to extend record run amid Netflix surge
Investing.com — The S&P 500 gave up the bulk of gains Wednesday, as Treasury yields rose, but the broader average still eked out a fourth-straight record as a surge Netflix provided further ammunition for the bulls to load up on tech stocks.
By 16:00 ET (19:10 GMT), the Dow Jones Industrial Average was 98 points, or 0.3% lower, while the S&P 500 traded 0.1% higher to close at a record of 4,868.64, and had earlier hit a fresh intraday record of 4,903.64, while NASDAQ Composite climbed 0.4% to close at record high.
Netflix (NASDAQ:NFLX) jumped more than 10% as the company signed up a hefty 13.12 million users during the three months ended on Dec. 31, a 71% surge compared to the year-ago period and markedly above analyst estimates of about 8.9 million. Revenue grew by around 12% year-on-year to $8.83 billion, also beating projections, overshadowing a miss on earnings per share.
The streaming giant touted further growth ahead, forecasting «healthy double-digit» annual top-line growth, prompting bullish calls from Wall Street analysts.
«With further catalysts ahead, such as full digestion of the advertising potential of WWE in 2025 and beyond, gaming expansion into more licensed IP, and growth in viewership (leading to accretion) on the ad tier, we raise our price target to $615 from $525.
The big name due to report after the close Wednesday is Tesla (NASDAQ:TSLA), with the electric vehicle manufacturer expected to forecast a 21% jump in deliveries this year. The guidance would be well below the long-term annual target of 50% put forward by CEO Elon Musk around three years ago, underscoring the intensifying competition Tesla faces in the EV market.
Chip stocks rose more than 2%, led by a surge in the Advanced Micro Devices
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