The S&P 500 Index closed up 1.46% on Wednesday, April 6, 2023, marking new all-time highs along with the Nasdaq 100, which rose by 2.08%. Conversely, the Dow Jones Industrial Average increased by 1.24%, reaching a 2.75-month high. This stock market surge was driven by strong earnings from chipmakers and AI infrastructure stocks, with Advanced Micro Devices (AMD) seeing a 17% rise and Super Micro Computer (SMCI) soaring over 24%.
Global crude oil prices fell over 7%, hitting a two-week low amid reports that the US and Iran are nearing an agreement to end ongoing hostilities, potentially reopening the vital Strait of Hormuz. The US Treasury announced plans to maintain its quarterly debt issuance at $125 billion. Meanwhile, an ADP employment report indicated that 109,000 jobs were added in April, below the projected 120,000.
Despite positive earnings, St. Louis Fed President Alberto Musalem expressed concerns over inflation remaining above the target, affecting market sentiment. As of Wednesday, 84% of S&P 500 companies that reported Q1 earnings surpassed expectations, projecting a year-over-year earnings increase of 12% for Q1.
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