US stocks drifted around their records in a mixed day of trading Wednesday.
- The S&P 500 rose 4.31 points, or 0.1%, to 6,850.92 and neared its all-time high set a couple weeks ago.
- The Dow Jones Industrial Average rose 326.86 points, or 0.7%, to 48,254.82, setting a record for the second straight day.
- The Nasdaq composite fell 61.84 points, or 0.3%, to 23,406.46.
Advanced Micro Devices was at the front of the market, the
AP reports. It rallied 9% after CEO Lisa Su said the chip company is expecting better than 35% of annual compounded revenue growth over the next three to five years. She credited "accelerating AI momentum."
Stocks benefiting from the artificial-intelligence frenzy have been shaky recently, as investors question whether how much more they can add to already spectacular gains. Nvidia came into the day with a 4.6% drop for the month so far, for example, after its stock price more than doubled in four of the last five years. The biggest player in AI chips swung between gains and losses throughout Wednesday and finished with a gain of 0.3%. Palantir Technologies, another AI darling, fell 3.6% for one of the day's larger losses in the S&P 500.
Similar questions about priciness are dogging the rest of the US market, though not as pointedly as for Big Tech. One way for stock prices to look less expensive is for companies to deliver big growth in profits. On Holdings jumped 18% after the Swiss shoe and apparel company reported a much bigger profit for the latest quarter than analysts expected. It reported growth in sales from around the world, with the strongest coming from Asia.
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But even beating expectations may not be enough for some stocks. Circle Internet Group fell 12.2% even though it reported profit for the latest quarter that trounced analysts' estimates. The issuer of one of the most popular cryptocurrencies has seen its stock price fall since it got near $300 in June, just a few weeks after its initial price offering of $31. It's now below $87.
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