Stocks are poised to open higher on Wednesday, extending a rally that has put major indexes within sight of record highs.
Futures tied to the Dow Jones Industrial Average were up 0.3% in recent trading, while those linked to the S&P 500 and Nasdaq advanced 0.5% and 0.9%, respectively. The major indexes are coming off of two consecutive days of solid gains as investors respond to strong earnings reports and steps taken by President Donald Trump in his first few days in office.
Coming into Wednesday’s session, the S&P 500 is less than 1% away from a new all-time high, while the Dow and Nasdaq Composite are about 2% away from their own record highs.
Netflix (NFLX) was the big mover in premarket trading Wednesday, with shares up nearly 15%, after the streaming giant late Tuesday reported results that beat expectations and raised its revenue outlook as subscriber numbers jumped.
Shares of Oracle (ORCL) were up more than 10%, adding to yesterday’s 7% surge, after Trump announced late Tuesday that the software maker would team up with OpenAI and Japan’s SoftBank on a $500 billion project to build AI infrastructure.
Among the big-name companies gaining ground after reporting results this morning, insurer Travelers (TRV) was up nearly 6%, while consumer products giant Procter & Gamble (PG) added more than 3% and energy company GE Vernova (GEV) tacked on 1%. Johnson & Johnson (JNJ) was down 2% despite beating Wall Street estimates on the top and bottom lines.
Mega-cap technology stocks were mixed ahead of the opening bell. Shares of AI investor favorite Nvidia (NVDA) were up 3%, while Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) also gained ground. Apple (AAPL), Alphabet (GOOGL) and Tesla (TSLA) were lower.
Bitcoin was at $105,000 this morning, down from an overnight high near $107,000. The digital currency, which hit a record high above $109,000 on Monday ahead of Trump’s inauguration, has surged 50% since the election amid investor hopes the new administration will adopt measures that support the cryptocurrency market.
The yield on 10-year Treasurys, which is correlated with expectations about where interest rates are headed was holding steady at 4.57%, after hitting its lowest level in two weeks yesterday.
Gold futures were up 0.4% at $2,770 an ounce in recent trading, while crude oil futures were little changed.