The Dow Jones Industrial Average and the other major indexes built on recent advances with substantial gains Wednesday. Two of the day's leaders, Oracle and Dow Jones name Nvidia, bounded higher after President Donald Trump announced a new partnership to build a U.S. artificial intelligence infrastructure. And Netflix got a boost on hearty new subscriber numbers.
The Dow Jones slipped a bit heading into the close, but finished 0.3% higher and moved farther past the 44,000 level. Blue chips first scaled that level Tuesday, and now the Dow sits firmly above its 50-day moving average.
The S&P 500 climbed 0.6% and tapped an all-time intraday high at the 6,100 level. The Invesco S&P 500 Equal Weight exchange traded fund edged slightly lower.
And the Nasdaq composite outpaced the others with a 1.3% gain, or 252 points, and hovered just above the 20,000 level. Small caps fared the worst, with the Russell 2000 dropping 0.6% and holding below its 50-day line.
Despite the market gains, the Nasdaq exchange showed falling stocks topping rising issues by nearly 4-to-3, while on the New York Stock Exchange, losers beat gainers by roughly 2-to-1. Volume fell on both exchanges vs. the same time Tuesday.
Meanwhile, bitcoin pulled back more than 2% to sit just below the $104,100 level. And crude oil fell 0.5% to around $75.40 a barrel Wednesday afternoon.
3:34 p.m. ET
Stock Market Today: Stargate Project Lifts Oracle, Nvidia
Oracle surged nearly 7% in heavy volume. Shares rallied on Tuesday's news that Trump announced a joint venture called Stargate among OpenAI, SoftBank, Oracle and partner companies to build AI infrastructure. The partnership plans to invest up to $500 billion over the next four years.
Oracle stock is on track for its sixth straight day of gains, including Tuesday's 7.2% gain. Shares retook the 50-day line Wednesday as they form a cup base with a 198.31 buy point.
Nvidia was also named a partner to the project. Nvidia stock spiked nearly 5% and was the biggest gainer on the Dow Jones Wednesday.
Some AI stocks rose in sympathy with Oracle, including Palantir Technologies, which jumped more than 5%. Palantir also looks to extend its winning streak to six days.
2:12 p.m. ET
Despite Rising Indexes, These Stocks Crumble
Agilysys plummeted 20% in enormous volume after the hospitality software developer missed fiscal third-quarter sales estimates on higher adjusted earnings than expected. It also gave a fiscal 2025 revenue outlook that came in below forecasts.
Shares sliced through the 200-day moving average, triggering a sell signal. Shares have given back a gain of around 33% from its Dec. 20 high, creating a round trip from a flat base breakout with a 114.70 buy point.
Workiva knifed through its 50-day line in heavy trading, flashing a sell signal. The company is set to report its fourth-quarter results on Feb. 25.
GDS Global Holdings tumbled in heavy volume and also undercut its 50-day line, creating a sell signal.
12:08 p.m. ET
Breakouts Galore
Numerous stocks broke out of bases, according to the IBD MarketSurge Breaking Out Today screen. Topping the list was AI play Arm Holdings, leaping out of a double-bottom base with a 156.40 buy point. Shares are extended from a buy zone that reaches to 172.37.
Amphenol surged and broke out of a flat base with a 75.78 entry. It is in the buy zone up to 79.57. The electronics and fiber optics company beat fourth-quarter adjusted profit and sales expectations and gave first-quarter guidance above views. Amphenol stock hit an all-time high on the stock market today.
Vertiv Holdings broke out of a cup base with a 145.67 buy point and is in buy range up to 152.95. The IBD 50 stock reached a record high while its relative strength line hit a 52-week high, as shown by the blue dot on MarketSurge charts.
Pure Storage bolted to break out of a 32-week base with a 70.41 buy point.
Finally, e-commerce behemoth Amazon.com broke out of a flat base with a 233 buy point. It is in buy range up to 244.65.
10:42 a.m. ET
Stock Market Today: Netflix Surges After Earnings
Netflix popped in heavy volume following the streaming giant's better-than-expected fourth-quarter earnings and sales. Its 18.9 million new subscribers in the fourth quarter delighted investors.
Shares broke out of a flat base with a 941.75 buy point. Netflix stock reached an all-time high as it flirted with the 1,000 level. Its relative strength line reached a 52-week high also.
United Airlines reversed lower after fading from a record high on the stock market today. The airline topped fourth-quarter adjusted earnings and sales estimates and gave a first-quarter forecast that beat views. The IBD SwingTrader stock has more than doubled since a September breakout.
Interactive Brokers climbed and topped the buy zone of a cup-with-handle base that goes to 203.08. The stock topped the 193.41 entry Tuesday but closed below it. The online broker beat fourth-quarter adjusted earnings and revenue projections late Tuesday.
S&P 500 Hits High As AI Stocks Run On 'Stargate' Plan
Big Movers: GE Vernova Hits New High
IBD SwingTrader name GE Vernova jumped more than 2% despite the company missing fourth-quarter earnings and sales forecasts. Shares reached the 20% profit zone from a flat base with a 357.09 buy point and hit a record high on the stock market today.
Seagate Technology popped in huge volume. The disk-drive maker topped fiscal second-quarter adjusted profit and revenue estimates late Tuesday. The stock is on pace for its eighth straight day of gains in accelerating volume. Shares powered past a resistance level around 105-to-106 as it forms a cup base with a 115.32 buy point.
Dow Jones name Travelers advanced after the insurance company handily beat fourth-quarter adjusted earnings and sales projections. The insurance stock reclaimed its 50-day line while it forms a flat base with a 269.56 entry.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
