U.S. stocks ground higher on Wednesday as a wave of upbeat earnings reports — headlined by blowout results from TSMC — reinforced confidence in the artificial-intelligence spending cycle and helped the major averages extend their winning runs. Progress in U.S.-Iran ceasefire negotiations continued to underpin sentiment, keeping energy prices contained and encouraging investors to add risk. The Nasdaq Composite notched its twelfth consecutive daily gain, its longest streak since July 2009, while the S&P 500 also closed at a new all-time high.
The S&P 500 (SPI:SP500) added 18.33 points, or 0.26%, to finish at 7,041.28 — the first time the index has closed above 7,000. The Nasdaq Composite rose 86 points, or 0.36%, to 24,102.70, extending its remarkable winning streak. The Dow Jones Industrial Average gained 115.00 points, or 0.24%, closing at 48,578.72 as strength in technology-linked names offset pockets of weakness in healthcare and financials. Breadth was modestly positive, with energy, materials, and real estate sectors leading gains while healthcare and consumer discretionary lagged.
Notable Movers
Taiwan Semiconductor (TSM) surged after reporting a 58% jump in first-quarter profit that comfortably beat analyst expectations. The world’s largest contract chipmaker also raised its full-year revenue outlook, underscoring resilient AI chip demand and sending a wave of buying through the broader semiconductor space. ON Semiconductor (ON) rallied roughly 10% in sympathy.
Abbott Laboratories (ABT) fell about 4% despite beating first-quarter earnings and revenue estimates. The culprit was a lowered full-year guidance range of $5.38–$5.58 in adjusted EPS, down from $5.55–$5.80 previously, as the company flagged uncertainty around tariff-related costs and softer demand in certain device categories.
Charles Schwab (SCHW) slid roughly 4% after first-quarter results disappointed on net interest income, adding to concerns raised earlier in the week by Wells Fargo about margin pressure across the brokerage and banking sector.
Bank of America (BAC) posted a 17% increase in quarterly profit, continuing the trend of solid big-bank earnings, though the stock finished only modestly higher as the beat was largely expected. Separately, PepsiCo (PEP) edged up after topping revenue and earnings estimates on the back of improving salty-snacks volumes following targeted price cuts.
Looking Ahead
Netflix reports after the bell today and will be the next major test of the megacap growth narrative, with investors watching subscriber trends and any commentary on advertising-tier momentum. The broader earnings calendar remains packed through the rest of the week, with more healthcare and industrial names on deck. On the geopolitical front, markets are increasingly pricing in a resolution to the U.S.-Iran standoff, so any breakdown in talks could inject fresh volatility. The Nasdaq’s twelve-day streak is a powerful signal of momentum, but at new highs the index is also stretched — making incoming earnings and economic data the key variables that will determine whether the rally broadens or stalls.