US Stocks Rise on Netflix Surge and AI Optimism
Led by a record-breaking surge in Netflix shares, the Nasdaq Composite (^IXIC) closed with a gain of over 1.3%. This boost came after Netflix reported strong earnings, exceeding expectations. The S&P 500 (^GSPC) also rose by 0.6%, approaching its record closing high of 6,090.
Trump's AI Push Bolsters Tech Stocks
President Donald Trump's announcement of a $500 billion private-sector investment plan for AI development sparked enthusiasm for tech stocks related to artificial intelligence. Oracle (ORCL), a partner in the "Stargate" venture, saw its shares jump 7%. SoftBank (9984.T, SFTBY) shares also rose by 11%.
Earnings Season Continues
Several companies reported earnings before the market opened. Johnson & Johnson (JNJ) posted better-than-expected sales and profit, but its stock dipped due to concerns about a strong dollar. Procter & Gamble (PG) saw its shares rise after beating sales forecasts.
Netflix Soars to All-Time High
Netflix (NFLX) stock surged to a record high, driven by strong earnings and positive analyst commentary. The company reported a significant increase in subscribers, surpassing expectations.
S&P 500 Nears Record
The S&P 500 climbed to 6,079.82, just below its all-time intraday record high of 6,099.97.
Musk Questions Stargate Investment
Elon Musk raised doubts about the funding for the Trump-backed AI infrastructure program, Stargate. He claimed that SoftBank, a key investor, may not have sufficient capital for the project.
Additional Market Highlights
* The Nasdaq led US stocks higher, closing up 1.52%.
* The Dow Jones Industrial Average (^DJI) gained 0.3%.
* Trump's trade war concerns weighed on markets, despite a rally on Tuesday.
* Stocks in China declined after Trump announced plans for new tariffs.