US stocks rose on Wednesday, with the S&P 500 reaching a new all-time high, driven by rallies in technology stocks like Oracle and Nvidia, fueled by optimism surrounding artificial intelligence and President Donald Trump’s new term in office.
The S&P 500 climbed 0.61% to close at 6,086.37, just shy of its all-time closing peak. The Nasdaq Composite surged 1.28% to 20,009.34, reflecting the strong performance of tech stocks. Meanwhile, the Dow Jones Industrial Average gained 130.92 points, or 0.3%, to 44,156.73, with Procter & Gamble rising nearly 2% following strong earnings results.
Netflix posted strong quarterly results. The streaming giant exceeded expectations, leading to a surge in its stock price.
Oracle benefited from the continued interest in AI.
Bitcoin Dips
Bitcoin experienced a slight decline overnight, dropping 2.7 percent before recovering some of its losses. The cryptocurrency’s price volatility continues, though it remains above the $US104,000 mark.
Local market
ASX futures suggest a negative start for the Australian market, down 35 points or 0.42%.
Company Reports
Numerous companies releasing quarterly results. Alcoa, Fortescue Metals, Core Lithium, Regis Resources, Santos, Westgold Resources, Karoon Energy, Coronado Global Resources, Netwealth, and Insignia Financial are among those reporting.
Shareholders will vote today on Myer’s proposed merger with Premier Investments’ Apparel Brands. The outcome of this vote is highly anticipated and could significantly impact Myer’s share price and the broader retail sector.
Contact Energy has signed a contract with OMV for natural gas supply from 2026 to 2032. This secures a key resource for the company’s operations in New Zealand.