The S&P 500 rose slightly higher on Wednesday to post a new all-time closing high as a broader market tech rally helped push the index higher. The Dow Jones Industrial Average, however, fell nearly 100 points, while the Nasdaq Composite rose about 0.4% amid the tech rally.
Here's how the market settled on Wednesday:
S&P 500 Index (NYSE: SPY): +0.08% or +3.95 points to 4,868.55
Dow Jones Industrial Average (NYSE: DIA): -0.26% or -99.06 points to 37,806.39
Nasdaq Composite Index (NASDAQ: QQQ): +0.36% or +55.97 points to 15,481.92
Making Headlines: Microsoft (NASDAQ: MSFT) shares rose on Wednesday, pushing the software giant above $3 trillion market capitalization for the first time ever, joining Apple (NASDAQ: AAPL) to become the most valuable company globally.
On the Earnings Front: Netflix (NASDAQ: NFLX) shares jumped on Wednesday after the streaming giant reported 13.1 million new subscribers in its most recent quarter, bringing its total membership to an all-time high of 260.8 million paid subscribers. In a letter to shareholders on Tuesday, Netflix said it is prepared to increase its content offerings, but not through acquisitions or liner assets.
"As our competitors adjust to these changes, it's logical to expect further consolidation, particularly among companies with large and declining linear networks," Netflix said. "We're not interested in acquiring linear assets. Nor do we believe that further M&A among traditional entertainment companies will materially change the competitive environment given all the consolidation that has already happened over the last decade."
Abbott Laboratories (NYSE: ABT) shares came under pressure after the health care company posted mixed fourth-quarter earnings. The company also expects full year adjusted earnings per share between $4.50 and $4.70.
Texas Instruments (NASDAQ: TXN) shares fell on Wednesday after the company issued disappointing first-quarter earnings and revenue guidance, expecting earnings per share between $0.96 and $1.16 with revenue in the range of $3.45 billion to $3.75 billion.
In Economic News: the S&P flash purchase managers index for manufacturing came in at 50.3 in January, the institution reported on Wednesday. Meanwhile, the services flash PMI showed a reading of 52.9, representing a seven-month high in January. Both readings came in above 50, representing the percentage of companies experiencing expansion.
For Thursday: market participants will react to earnings reports from companies including Tesla (NASDAQ: TSLA), IBM (NYSE: IBM), Comcast (NASDAQ: CMCSA), and Union Pacific (NYSE: UNP).