4:20pm: Dow tops 48,000
Wall Street closed mixed on Wednesday as the Dow Jones Industrial Average notched another record, while Big Tech stocks showed some wobbling ahead of a key government vote.
The Dow climbed 327 points, or 0.7%, to finish at 48,255, marking a fresh milestone. The S&P 500 edged up 4 points, or 0.1%, to 6,851, while the Nasdaq slipped 62 points, or 0.3%, to 23,406. The Russell 2000 also fell 7 points, or 0.3%, to 2,451.
Tech remained in focus, with Advanced Micro Devices surging 9% after strong investor interest, even as other megacaps including Amazon, Apple, and Tesla pulled back.
Investors are keeping a close eye on Washington, where hopes are rising for a vote in the House that could end the longest government shutdown in U.S. history. A final vote is expected later Wednesday, and the White House said President Trump could quickly sign the legislation once it passes, potentially bringing relief to federal workers and financial markets alike.
3:50pm: Proactive news headlines
- Pinnacle Silver & Gold Corp reported that sampling at the historic La Dura mine in Durango, Mexico, extended the mineralized strike length of the Dos de Mayo vein to nearly 500 metres.
- EnWave Corp signed a royalty-bearing commercial license with New Zealand’s Shinyway International to use its patented REV technology for cannabis production.
- Reconnaissance Energy Africa Ltd said its Kavango West 1X exploration well in Namibia has been safely drilled to 4,158 metres, deeper than planned, following signs of hydrocarbons.
- Charbone Hydrogen Corporation announced that construction at its Sorel-Tracy hydrogen facility in Quebec remains on schedule, with equipment installation about to begin.
- Ocean Power Technologies Inc partnered with Mythos AI to integrate advanced autonomy software into its WAM-V and PowerBuoy platforms to enhance performance across multiple markets.
- AtaiBeckley NV advanced its mental health pipeline in the third quarter, with its lead therapy BPL-003 receiving FDA Breakthrough Therapy designation for treatment-resistant depression.
- Fineqia International Inc cross-listed its Bitcoin Yield ETP and FTSE Cardano Enhanced Yield ETN on Germany’s gettex exchange to expand European investor access.
- Arrow Exploration Corp announced that its Mateguafa 5 exploration well in Colombia has achieved production levels exceeding expectations.
3:05pm: Analyst calls
Wall Street analysts weighed in on AI, industrials, and consumer tech Wednesday, highlighting fresh catalysts across sectors.
Bank of America reaffirmed its Buy on AMD, calling it the “little engine that certainly can” after its Analyst Day outlined a path to over $25 EPS and a $1 trillion AI market by 2030.
Parker Hannifin drew praise for its $9.25 billion deal to acquire Filtration Group, which BofA said will expand its filtration business to nearly $5 billion in sales and deliver strong synergies.
At the EEI 2025 Conference, utilities emphasized sustainable growth, while BofA said Oklo showed progress on nuclear fuel and regulatory milestones but still faces execution and cost risks.
UBS stayed upbeat on Deere, saying improving sentiment supports a 2027 recovery, while its data showed Apple iPhone wait times steady globally, with a slight uptick for U.S. base models.
2:20pm: Market movers
- On Holding AG (NYSE: ONON) shares jumped over 19% after the Swiss sportswear maker beat third-quarter earnings expectations and raised its full-year outlook.
- BILL Holdings Inc (NYSE: BILL) rose more than 13% following reports that the company is exploring strategic alternatives, including a potential sale.
- Advanced Micro Devices Inc (NASDAQ: AMD) surged 10% after CEO Lisa Su projected a 60% increase in AI data centre revenue over the next three to five years.
- EnWave Corp (TSX-V: ENW) signed a royalty-bearing license agreement with Shinyway International to use its Radiant Energy Vacuum technology for cannabis production in New Zealand.
- Circle Internet Group (NYSE: CRCL) shares slipped 7% despite stronger-than-expected third-quarter results, as investors focused on rising costs and spending.
- Reconnaissance Energy Africa Ltd (TSX-V: RECO) said its Kavango West 1X exploration well in Namibia has been drilled safely to 4,158 metres, deeper than initially planned, after detecting hydrocarbons.
- Charbone Hydrogen Corporation (TSX-V: CH) reported that construction at its Sorel-Tracy hydrogen plant in Quebec is on schedule, with equipment installation about to begin.
12:45pm: Dow still leading
Heading into afternoon trading, the Dow was still ahead by 0.9% while the S&P flattened but looks to be starting to poke its nose ahead.
The Nasdaq was struggling, down 0.4% as investors try to gauge whether fears of an AI slowdown are overblown or not.
11:30am: Shutdown deal nears
Investors are betting on a shutdown deal, contributing to the Dow's new highs this week, says IG's Chris Beauchamp.
“The strong rally in tech earlier in the week has given way to a new surge for the Dow, bolstered by expectations that Congress will bring the government shutdown to an end,” Beauchamp said. He added that momentum trades have regained strength, with gold prices rallying and oil slipping.
Beauchamp cautioned that upcoming US data could slow the rally, noting that “signs of a weakening economy continue to be seen, leaving a December Fed cut a strong possibility.”
10:45am: AI optimism endures
Investor enthusiasm for artificial intelligence remained strong even after SoftBank sold its entire stake in Nvidia, as markets focused instead on the end of the record US government shutdown, according to Ipek Ozkardeskaya, senior analyst at Swissquote.
“Nothing – not even the news that SoftBank sold its entire Nvidia stake – could spoil market sentiment yesterday, as investors bought into the optimism that the US government shutdown will finally end,” Ozkardeskaya said.
She noted that while the reopening optimism may fade amid mounting U.S. debt concerns and ongoing political risks, AI-related investments continue to expand beyond the biggest tech names. SoftBank’s move, she added, signals a shift “toward companies that actually use AI, like OpenAI and ABB Robotics,” which could help “bring real money into the ecosystem” and broaden the sector’s growth.
9.54am: Positive start turns mixed
It was initially a positive start on Wall Street, but it is quickly looking uneven.
The Dow Jones has extended gains, rising to new record highs, up 0.9% to above 48,350.
The S&P 500 has advanced 0.1%, while the Nasdaq has lost its initial positive momentum and dropped 0.2% into the red, down just a handful of points.
Nvidia is back up 0.7%, but Apple, Microsoft, Alphabet, Tesla, Netflix are all down slightly, while Palantir has dropped another 2.3%.
AMD is a big riser, up 8.4%, as the semiconductor company hailed 'insatiable' AI demand, expecting profit to triple by 2030.
8.10am: Positive start expected ahead of House vote to end shutdown
US stocks are expected to join hands in a positive start to trading on Wednesday, fueled by the prospect of an end to the government shutdown after 43 days and a rebound in big tech stocks.
The tech-powered Nasdaq was expected to lead the way, with futures up 0.6%, while S&P 500 futures were up 0.3% and those for the Dow Jones up 0.2%.
This follows a mixed session the day before, when the Dow rose 1.2% to a fresh all-time high, boosted by optimism around the seemingly imminent end to the government shutdown, while the S&P eked out a 0.2% gain.
The Nasdaq, however, slipped 0.3% as tech giants such as Nvidia, Broadcom, Meta, Tesla and Oracle acted as a drag.
Markets will be keeping an eye today on the House of Representatives, where Republicans hold a slim majority and are expected to approve the temporary funding measure passed by the Senate on Monday, allowing most federal agencies to be able to resume spending until the end of January.
"The prospect of an end to the US government shutdown later today is fueling demand for risk assets," said market analyst Kathleen Brooks at XTB.
This is a positive for financial markets "as we should get a clear read on economic data in the next week or so".
Delayed CPI inflation and labour market data is expected to be released next week, which will provide a reading of the underlying strength of the US economy.
"Investors appear to be positioned for this data to be risk-positive, however, proof is needed, which means that the delayed US data releases are high stakes for financial markets," said Brooks.
Whether the economic data is good or bad it is likely to boost markets sentiment, said David Morrison at Trade Nation. "If the data is good, then what is there to worry about? And if it’s bad, then investors can look forward to easier monetary policy. Party on."
He says US equities have "plenty of potential tailwinds and few apparent headwinds as far as investors are concerned", after a robust Q3 reporting season where earnings growth is on course for its fourth consecutive quarter of double-digit gains.
WTI oil prices are down 1.4% to $60.19 a barrel, gold is flat at $4126 an ounce, and bitcoin is back to flat at £104.5K after losses the previous day were recouped.