Wednesday witnessed a surge on Wall Street, propelled by a significant jump in technology stocks. The flagship S&P 500 (SP500) inched tantalizingly close to reaching the historic 5,000 points mark for the first time ever.

Market Movement

The majority of the “Magnificent 7” club experienced gains, with cybersecurity stocks receiving a boost following Fortinet’s (FTNT) robust quarterly results and guidance.

The tech-heavy Nasdaq Composite (COMP.IND) rose by 0.90% to reach 15,750.10 points during afternoon trade, while the Dow (DJI) climbed by 0.45% to 38,694.77 points. The post-earnings decline in pharmaceutical giant Amgen (AMGN) capped the blue-chip index’s advance.

The S&P 500 (SP500) surged by 0.82% to 4,995.02 points. Earlier in the session, it soared to a high of 4,998.65 points, seemingly within striking distance of the 5,000 mark.

Market Sentiment

Of the 11 sectors within the S&P 500, nine saw positive growth.

The ongoing rally in technology stocks throughout the year has effectively offset concerns over lofty valuations and the Federal Reserve’s resistance to the market’s aggressive interest rate slash expectations. Even the continued slump in New York Community Bank (NYCB) shares – which has reignited worries about the health of regional banks – has failed to impede Wall Street’s upward momentum.

On Wednesday, the spotlight was stolen by a deluge of earnings reports from several major companies.

Top Performers

Enphase Energy (ENPH) and Emerson Electric (EMR) each surged by over 10%, emerging as the top two percentage gainers on the S&P 500 (SP500). The solar equipment maker expressed optimism about normalizing inventory levels and projected an uptick in demand by the end of the next quarter. Simultaneously, the electrical equipment manufacturer reported accelerated quarterly sales growth.

Chipotle Mexican Grill (CMG) also notably gained on the S&P, delivering another robust quarter driven by sustained demand for its tacos, burritos, and salad bowls.

Uber Technologies (UBER) fluctuated as investors dissected its outperformance in both revenue and profit, driven by a surge in gross bookings.

Underperformers

VF Corp (VFC) was the top percentage loser on the S&P 500 (SP500) after the latest quarterly results indicated an urgent need for a comprehensive and likely painful strategic overhaul for the footwear and apparel manufacturer.

Gilead Sciences (GILD) also suffered as one of the top S&P percentage losers following the drugmaker’s issuance of lackluster annual sales guidance.

Walt Disney (DIS) is anticipated to announce its earnings after the closing bell, adding further anticipation to the market.

Market on the Move

Treasury yields experienced a slight uptick, with a record $42 billion 10-year note auction trading through, marking the first 10-year stop auction within a year. The results underscored robust demand for bonds.

The longer-end 30-year yield (US30Y) rose by 2 basis points to 4.32%, while the 10-year yield (US10Y) also saw a 2 basis point increase to 4.11%. The more rate-sensitive 2-year yield (US2Y) rose by 1 basis point to 4.42%.

Live data on Treasury yields across the curve can be viewed on the Seeking Alpha bond page.

Paramount Global (PARA) (PARAA) witnessed a decline and emerged as one of the top S&P 500 (SP500) percentage losers after CNBC’s David Faber expressed doubts about Warner Bros. Discovery’s (WBD) genuine interest in acquiring Paramount (PARA) (PARAA). Warner Bros. (WBD) also faced a similar fate.