Nasdaq Surges Past 20,000 for the First Time, Powered by Tech Giants | Wall Street Today

The $Nasdaq Composite Index (.IXIC.US)$ hit a record intraday and closing high Wednesday, crossing 20,000 points for the first time. The index was up 1.8% at 20,050 in late trading, finishing 1.77% higher. The $S&P 500 Index (.SPX.US)$ closed just below its highest close on record at 6,090.27, while the $Dow Jones Industrial Average (.DJI.US)$ fell 0.2%.

The Magnificent Seven had a good day, contributing to Nasdaq's rise to an all-time high. $Alphabet-A (GOOGL.US)$ had the largest gains in the group as it rose almost 5% in midday trading.

Healthcare stocks weakened with $UnitedHealth (UNH.US)$ declining by more than 5%, while $Pfizer (PFE.US)$ and $Johnson & Johnson (JNJ.US)$ also underwent losses as federal lawmakers discussed the possibility of requiring health insurers to divest their pharmacy businesses.

$Apple (AAPL.US)$ surged 1.2% to a record $250.80 before falling as news of its AI server chip development and collaboration with $Broadcom (AVGO.US)$ fueled investor confidence and boosted demand for its call options. The stock closed down -0.52%.

$Tesla (TSLA.US)$ closed at a record, finishing up 5.9% at $424.77, as optimism over EV prospects and in-line inflation data bolstered market sentiment ahead of a likely Fed rate cut.

$ImmunityBio (IBRX.US)$ shares plunged 32.11% to $3.15 after pricing its public offering at $3 per share, aiming to raise $100 million in gross proceeds.

$Dave & Buster's Entertainment (PLAY.US)$ shares fell 20.1% to $29.41, their steepest drop since March 2022, as CEO Chris Morris announced his resignation amid accelerating sales declines in the latest quarter.

$JetBlue Airways (JBLU.US)$ finished 11.1% higher at $7.53 as the airline, after years of challenges and nearly $3 billion in losses since 2020, unveiled a new strategy focused on premium offerings like first-class seats and lounges, while cutting unprofitable routes to cater to leisure travelers in the Eastern U.S.

$GameStop (GME.US)$ climbed 7.6% Wednesday with a report Tuesday of a swing to profit, overestimates of a single-digit cent loss. The once top meme stock reported a climb in net income to $17.4M, but a 20%+ fall in net sales was at $0.86 billion for the period, compared to $1.078B last Q3.

$Uber Technologies (UBER.US)$ and $Lyft Inc (LYFT.US)$ shares fell about 6% after $General Motors (GM.US)$ announced it would wind down its Cruise robotaxi unit, ending a partnership with Uber and citing the challenges of growing the autonomous vehicle business amid rising competition.

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