S&P 500 Hits New Record Highs, Alphabet Dethrones Apple: What's Moving Markets Wednesday?

The S&P 500 pushed to fresh record highs during midday trading on Wednesday, extending a three-day rally and eyeing a fourth straight gain.

• Alphabet stock is moving in positive territory. Why is GOOG stock advancing?

By midday in New York, the benchmark index hovered near 6,963.30, up 0.3%. The Nasdaq 100 outperformed, rising 0.7%, while both the Dow Jones Industrial Average and the Russell 2000 slipped modestly after three consecutive positive sessions.

Tech strength defined the session. Intel Corp. (NASDAQ:INTC) jumped nearly 7%, topping the mega-cap gainers after investors applauded its new product lineup unveiled at CES, including reports of a gaming-focused processor and platform.

Within the Magnificent Seven, Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) climbed 2.3%, while Apple Inc. (NASDAQ:AAPL) traded flat after five straight sessions of losses. The move allowed Google's parent to overtake Apple as the world's second-largest company by market value.

Macro data offered mixed signals. ADP data showed private sector payrolls likely increased by 41,000 in December, rebounding from a revised 29,000 decline in November. The report suggested modest stabilization in hiring trends after recent softness, but still below levels consistent with a healthy labor market.

Commodities faced broad pressure. Oil prices slid more than 1% to $56 a barrel after President Donald Trump ordered Venezuelan authorities to sell between 30 million and 50 million barrels of sanctioned oil to the U.S. at market prices.

Precious and industrial metals pulled back sharply after recent rallies. Silver sank over 3% to $77 an ounce. Gold slipped nearly 1% to $4,450. Copper dropped 3.1% to $5.87, while palladium plunged almost 7% and platinum fell 5%.

Crypto assets weakened as well. Bitcoin (CRYPTO: BTC) slid 2.6% to $91,000, on pace for its worst session in a month.

Wednesday's Performance In Major U.S. Indices, ETFs

Major Indices	Price	% Change
Nasdaq 100	25,816.92	+0.7%
S&P 500	6,963.30	+0.3%
Dow Jones	49,341.19	-0.2%
Russell 2000	2,572.09	-0.4%

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) inched up 0.2% to $637.24.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) slipped 0.4% to $492.69.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) advanced 0.6% to $627.24.
• The iShares Russell 2000 ETF (NYSE:IWM) fell 0.4% to $255.13.
• The Health Care Select Sector SPDR Fund (NYSE:XLV) outperformed, up 0.9%; the Utilities Select Sector SPDR Fund (NYSE:XLU) lagged, down 1.7%.

Russell 1000's Top 5 Gainers And Losers On Wednesday

Stock Name	% Change
Primo Brands Corp. (NYSE:PRMB)	+7.48%
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)	+7.02%
Intel Corp.	+6.93%
Aurora Innovation, Inc. (NASDAQ:AUR)	+6.25%
Datadog, Inc. (NASDAQ:DDOG)	+5.96%

Stock Name	% Change
Skyworks Solutions, Inc. (NASDAQ:SWKS)	-11.83%
Fermi Inc. (NASDAQ:FERM)	-11.42%
AST SpaceMobile, Inc. (NASDAQ:ASTS)	-11.35%
Western Digital Corp. (NASDAQ:WDC)	-9.47%
First Solar, Inc. (NASDAQ:FSLR)	-9.42%

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