So here's what happened in the markets on Wednesday: tech stocks decided to have a party, and pretty much everyone else showed up. The Nasdaq 100, that index packed with the big tech names everyone loves to talk about, climbed 1.5% to set a fresh record high at 26,884. It was the best session of the week for the index, and it wasn't alone. The broader market was feeling pretty good too.
The S&P 500 rose 0.85% to 7,123, which puts it just 25 points shy of the all-time intraday high it set last Friday. The Dow Jones Industrial Average added over 272 points, or 0.55%, to 49,422. It was a classic "risk-on" day, with large-cap growth stocks leading the charge. The small-cap Russell 2000, often a gauge for domestic economic optimism, was a bit more reserved, posting a more modest 0.5% gain.
The engine for this move? A fresh batch of corporate earnings that, for the most part, delivered. Investors were in a buying mood, especially for the giants.
Let's check in on the so-called Magnificent Seven:
Now, here's where things get interesting. While stocks were rallying on earnings and general optimism, the oil market was telling a slightly different story. WTI crude surged 3.8% to $93.06 a barrel. That might seem counterintuitive given the headline geopolitical news: a diplomatic thaw and an extension of the ceasefire involving Iran, brokered by President Trump.
So why is oil spiking if things are calming down? Because the Strait of Hormuz—that crucial shipping chokepoint for a huge portion of the world's oil—remained blockaded. The ceasefire might be in place, but the physical logistics of moving oil haven't normalized yet. The market is pricing in the reality on the water, not just the diplomacy on paper.
How the Major Indexes Performed
| Index |
Last |
% Change |
| S&P 500 |
7,121.06 |
+0.8% |
| Dow Jones |
49,493.62 |
+0.7% |
| Nasdaq 100 |
26,821.13 |
+1.3% |
| Russell 2000 |
2,777.82 |
+0.5% |
Data as of 12:15 PM ET
The ETF world mirrored the action in the underlying indexes. The Vanguard S&P 500 ETF (VOO) rose 0.8%, the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.7%, the Invesco QQQ Trust (QQQ) climbed 1.3%, and the iShares Russell 2000 ETF (IWM) added 0.5%.
Sectors and Stocks: The Winners and Losers
Drilling down into sectors, technology was the undisputed leader. The Technology Select Sector SPDR Fund (XLK) advanced 1.7%, pushing its staggering month-to-date gain to 18.3%. The energy sector (XLE), buoyed by that crude oil rally, rose 1.0%. Bringing up the rear was real estate (XLRE), the day's worst-performing sector with a 0.4% decline.
At the industry level, the clean energy trade was alive and well. The Invesco Solar ETF (TAN) jumped 3.3% and the Invesco WilderHill Clean Energy ETF (PBW) gained 2.9%, sitting on a 17% gain for the month. On the flip side, airlines took a hit—the U.S. Global Jets ETF (JETS) tumbled 3.0%, likely feeling the pinch of those higher jet fuel prices. The SPDR S&P Insurance ETF (KIE) also dropped 1.3%.
Now for the individual stock stories, because earnings season is all about the specifics. The headline mover of the day was GE Vernova Inc. (GEV), the power-equipment spinoff. It rocketed 12.6% to $1,116 after issuing guidance that specifically called out swelling data-center demand—a magic phrase in today's market. Its power-grid peer, Constellation Energy Corporation (CEG), rallied 3.9% in sympathy.
The earnings surprises kept coming. Boeing Co. (BA) climbed 5.0% after reporting its best first-quarter commercial delivery count since 2019 and a slower cash burn. Philip Morris International Inc. (PM) surged 6.6% on an earnings beat. Masco Corporation (MAS), a home-products supplier, soared 12.0% after smashing Wall Street's expectations.
Over in the crypto-correlated world, Strategy Inc. (MSTR) rocketed 10% as Bitcoin rallied to the $80,000 level.
Not every report was a home run. AT&T Inc. (T) fell 1.3% despite topping revenue and earnings estimates. CME Group Inc. (CME) dropped 1.4% to three-month lows.
And then there were the outright losers. The session's worst performer in the Russell 1000 was Sonoco Products Company (SON), which plunged 15.9% on heavy volume. Travel + Leisure Co. (TNL) slid 12.7% and Summit Therapeutics Inc. (SMMT) fell 10.2%. United Airlines Holdings, Inc. (UAL) dropped 6.3%, a clear victim of those rising fuel costs. Homebuilder NVR, Inc. (NVR) declined 6.0%, and aerospace supplier Howmet Aerospace Inc. (HWM) dropped 5.6%.
The Day's Biggest Movers at a Glance
Top Gainers (Russell 1000):
Top Losers (Russell 1000):
| Name |
% change |
| Sonoco Products Company |
-15.90% |
| Travel + Leisure Co. |
-12.71% |
| Summit Therapeutics Inc. |
-10.17% |
| United Airlines Holdings, Inc. |
-6.29% |
| NVR, Inc. |
-6.01% |
So, to sum up Wednesday: tech earnings provided the fuel, the Nasdaq lit the fuse, and even a strange oil rally couldn't dampen the spirits. But as the lists of big gainers and losers show, it's still a stock-picker's market beneath the surface of those record index levels.
