US Stocks Extend Gains on Trump AI Ambitions, Netflix Earnings
US equities rose Wednesday as investors grew optimistic about artificial intelligence funding plans and a more moderate-than-expected approach to trade tariffs from Donald Trump’s administration.
The S&P 500 Index advanced 0.5% as of 9:46 a.m. in New York, while the technology-heavy Nasdaq 100 Index rallied 1.1% after the US president unveiled a $100 billion joint venture to fund AI infrastructure. Oracle Corp. shares jumped on news of its role in the endeavor.
Traders continue to parse through a wave of corporate earnings. Netflix Inc. shares soared to an all-time high after the streaming company reported fourth-quarter results that beat expectations, boosted by its biggest quarterly subscriber gain in history.
Canaccord and Barclays upgraded their rating on the stock.
US equities have climbed over the first few days of Donald Trump’s return to the White House in anticipation of business-friendly agenda including tax cuts. Fears around the impact of trade tariffs have also subsided, as the US president refrained from immediate levies.
Source: Bloomberg
