Dow Jones Hits Record Highs, AMD Jumps: What's Moving Markets Wednesday?

U.S. blue-chip stocks climbed again on Wednesday, extending their winning streak to a fourth straight session and sending the Dow Jones index to record territory. The move underscored renewed investor appetite for old-economy leaders outside the red-hot AI trade.

The Dow jumped 0.9% to 48,350 points, topping its late-October highs. Financial heavyweights Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), and American Express Co. (NYSE:AXP) each set fresh records, helping the index outperform as tech-focused peers.

Sector-wise, health care stocks also continued to outperform, with Eli Lilly (NYSE:LLY) on pace for its tenth gain in eleven sessions.

On the policy front, Treasury Secretary Scott Bessent said the administration will unveil "substantial announcements" on tariffs in the coming days, while Atlanta Fed President Raphael Bostic announced plans to retire when his term expires in February 2026.

Advanced Micro Devices (NASDAQ:AMD) was the day’s standout performer, surging over 8% after projecting faster-than-expected sales growth during its analyst day. The chipmaker now sees total AI silicon revenue opportunities exceeding $1 trillion by 2030, envisioning over $100 billion in annual data-center sales if it secures a double-digit market share.

In earnings news, Oklo Inc. (NYSE:OKLO) rose 5% even after a wider-than-expected quarterly loss, as analysts continued to highlight progress in the company's small-reactor projects.

Circle Internet Group Inc. (NYSE:CRCL), the issuer of the USDC stablecoin, slumped more than 10% despite beating earnings expectations, citing higher-than-expected operating costs.

Commodities diverged sharply. Gold climbed 1.8% and silver 3.5%, buoyed by safe-haven demand as Washington eyes a larger national debt to resolve the record-long government shutdown.

In contrast, crude oil slid more than 4% to $58 a barrel after OPEC shifted its forecast to show a third-quarter supply surplus of about 500,000 barrels per day, reversing its previous deficit outlook amid rising U.S. output and higher cartel production.

In crypto markets, Bitcoin (CRYTPO: BTC) dipped 1.3% to $101,600, while Bitcoin-linked Strategy Inc. fell 3% to $224, heading for its lowest close in a year.

Wednesday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $627.73.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.8% to $483.38.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 0.3% to $619.37.
• The iShares Russell 2000 ETF (NYSE:IWM) inched 0.1% lower to $243.85.
• The Health Care Select Sector SPDR Fund (NYSE:XLV) outperformed, up 1.2%; the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1%.

S&P 500’s Top 5 Gainers On Wednesday

S&P 500’s Top 5 Laggards On Wednesday

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Image created using artificial intelligence via Midjourney.