U.S. equity markets delivered a strong performance on Wednesday, with all three major benchmarks closing firmly in positive territory. The Nasdaq Composite led the charge with a 1.52% gain, while the S&P 500 rose 0.94% and the Dow Jones Industrial Average added 0.75%. The rally marked continued momentum for growth stocks amid easing Treasury yields.
Semiconductor Sector Hits Multi-Month High
The Philadelphia Semiconductor Index (SOX) surged more than 3%, reaching its highest closing level since late February. Chipmakers benefited from renewed optimism about global technology demand, with Intel and Nvidia both gaining over 3%. The sector’s strength suggests investors anticipate accelerating capital expenditure cycles in artificial intelligence infrastructure and industrial automation.
Big Tech Extends Recent Gains
Mega-cap technology stocks broadly participated in the rally:
- Meta Platforms and Intel both advanced nearly 3%
- Apple, Tesla, Nvidia, Netflix and Alphabet all rose more than 1%
- Microsoft posted a modest 0.9% gain
The sector’s performance helped offset concerns about stretched valuations, with investors continuing to reward companies demonstrating AI implementation progress.
Standout Movers Across Sectors
Luxury group Kering (PPRUY) skyrocketed 12%, registering its largest single-day gain since November 2008 after reporting better-than-expected sales in key Asian markets. Crypto financial firm Circle surged 13% to $151, now trading at nearly five times its recent IPO price amid growing stablecoin adoption.
On the downside, Sarepta Therapeutics (SRPT) collapsed 42% after reporting a second patient death linked to its Elevidys gene therapy, raising significant safety concerns about the treatment. The biotech selloff dragged the XBI biotech ETF down 1.5%.
Market breadth showed healthy participation with advancing issues outpacing decliners by nearly 2-to-1 on the NYSE. The rally came despite mixed economic data, suggesting investors remain focused on corporate earnings potential and anticipated Federal Reserve policy easing later this year. Trading volumes ran about 5% above the 30-day average, indicating conviction behind the move.
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