Summary
The stock market was back to its narrow ways on Wednesday, as most individual stocks took a breather. And, yes, the normal crowd of smaller issues bore the brunt of it, while mega-cap Information Technology and Communication Services shares moved nicely higher due to proposed AI initiatives from the White House. The other nine S&P 500 sectors fell. But while some mega-cap names gapped sharply higher, others sold off, finishing near or at their lows of the day. These daily candlesticks are quite ugly and certainly not a sign of market strength. But it is only one day, so it will be interesting to see how these stocks finish the week and month. The S&P 500 did make a very minor intraday all-time high at 6,100.81, but ran out of gas, giving back some of its gains. A few stocks that did an about-face included NFLX and ORCL. NFLX gapped sharply higher after the company posted better-than-expected quarterly results, jumping from $870 to $999. Yes, $1,000 is a big round number and is psychological resistance for a stock or an index. The shares ended the day at $954 — an all-time high, but very close to the low for the day. ORCL gapped to $192 from $173 and ended up closing at $184, as investors weren’t shy
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