The Dow rose 100 points Wednesday, its eighth straight day of gains, its longest winning streak in nearly four years. Apple closed above $195 a share on rumors of a ChatGPt-like service (Apple GPT), pushing the stock to a new all-time high.
Goldman Sachs rose 1 percent as the bank was optimistic about a recovery in its banking business despite weaker-than-expected earnings. Western Alliance's earnings report showed signs of deposit stability, boosting confidence in regional bank stocks.
Netflix reported mixed results in the second quarter, but subscriber numbers beat market expectations. Tesla posted record revenue in the second quarter, but its gross margin missed expectations.
The Federal Reserve meets on July 25 and July 26, and a Reuters poll of 106 economists showed most believe the July meeting will be the last rate hike in the current tightening cycle. U.S. inflation is now falling, with annual consumer price index (CPI) growth slowing from 4% in May to 3% in June, leading economists to expect the U.S. central bank to cut interest rates as early as 2023.
Carvana surged more than 40 percent as a surge in its debt reduction plan brought more pain to bears. But yesterday's big options order bought put options expiring in November with a strike price of 20 and was very pessimistic about the future stock price trend:
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