Today's Top Stock Gainers: Alphabet, Netflix, Tesla, and More
U.S. stock indexes rose on Wednesday afternoon after new data on consumer inflation fueled hopes that the Federal Reserve could lower interest rates next week. The Nasdaq reached a new record, driven by gains in tech stocks. Meanwhile, the Dow and S&P 500 also posted gains.Shares of Alphabet (GOOGL) hit an all-time high, driven by enthusiasm over its new quantum computing chip, Willow, which is being hailed as a significant breakthrough.
Netflix (NFLX) shares also reached a new peak after JPMorgan raised its price target for the stock from $850 to $1,010, citing strong content offerings and optimistic expectations for 2025 ad revenue.
Tesla (TSLA) saw its stock hit a new high as well, following news that the company was pushing ahead with plans for a $30,000 electric vehicle, with a potential release as soon as next year. Goldman Sachs also raised its price target for Tesla, adding to the stock's momentum after a similar move by Morgan Stanley.
In contrast, Walgreens Boots Alliance (WBA) saw its shares decline after a sharp rise the previous day, following reports that the company was in talks to be acquired by Sycamore Partners.
Macy's (M) stock fell sharply after the company released its delayed third-quarter earnings report and lowered its full-year guidance, with sales coming in below analysts' expectations.
Meanwhile, oil and gold futures climbed, and the yield on the 10-year Treasury note ticked higher. The U.S. dollar strengthened against the euro, pound, and yen. Most major cryptocurrencies surged, with Bitcoin surpassing $101,000.
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