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US Equities Markets End Higher Wednesday as Tech Stocks Rally
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US Equities Markets End Higher Wednesday as Tech Stocks Rally
Jan 22, 2025 1:41 PM

04:02 PM EST, 01/22/2025 (MT Newswires) -- US benchmark equity indexes ended higher Wednesday as Netflix's ( NFLX ) Q4 results and a $500 billion artificial intelligence infrastructure project boosted risk appetite in the technology and communication services sectors.

* Netflix ( NFLX ) shares were up nearly 10%. Late Tuesday, streaming giant's Q4 financial results exceeded Wall Street's estimates as it reported a record addition of subscribers.

* Netflix's ( NFLX ) latest price hikes are expected to drive revenue growth this year, while its ad tier is seen accelerating sales in 2026, Wedbush Securities said in a note.

* Microsoft ( MSFT )-backed (MSFT) OpenAI said a new company called Stargate plans to invest $500 billion over the next four years building new artificial intelligence infrastructure for OpenAI in the US. Arm (ARM), Microsoft ( MSFT ), Nvidia ( NVDA ) , Oracle (ORCL), and OpenAI will be the key initial technology partners, the parent of generative AI chatbot ChatGPT said.

* Nvidia ( NVDA ) shares were up 4.4%; Microsoft ( MSFT ) rose 4%; Oracle gained 6.6%; while Arm surged 16%.

* March West Texas Intermediate crude oil closed down $0.36 to settle at $75.47 per barrel, while March Brent crude, the global benchmark, was last seen down $0.29 to $79.00 on concerns global growth will slow if Donald Trump starts a trade war by following through on threats to impose tariffs on imports from US allies and adversaries.

* Mortgage applications in the US were little changed last week as 30-year fixed interest rates remained around 7%, the Mortgage Bankers Association said.

* Redbook reported that US same-store retail sales were up 4.5% year over year in the week ended Jan. 18, faster than a 4% gain in the prior week due to cold weather clothing shopping and clearance sales.

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