By Sinéad Carew and Johann M Cherian. Media: Reuters
Jan 22 (Reuters) – Wall Street’s indexes rose on Wednesday, with the benchmark S&P 500 hitting an intraday record high as investors cheered streaming video provider Netflix’s quarterly report and President Donald Trump’s private-sector artificial intelligence infrastructure investment plan.
The technology sector (.SPLRCT), opens new tab advanced 2.5% and was the biggest gainer among the S&P 500’s 11 major industry indexes with its biggest boosts from AI heavyweights Nvidia (NVDA.O), opens new tab and Microsoft (MSFT.O), opens new tab.
Netflix (NFLX.O), opens new tab, the S&P’s biggest gainer, finished up 9.7% after reporting a record number of subscribers for the holiday quarter, enabling it to increase prices for most service plans.
Investors piled bets into the promise of AI the day after Trump announced a $500 billion private-sector AI infrastructure investment plan from a venture involving Oracle (ORCL.N), opens new tab, OpenAI and SoftBank (9984.T), opens new tab, even though there was no clarity on funding.
But of the 11 major industry sectors only tech and communications services (.SPLRCL), opens new tab, up 1.1%, notched daily gains while the biggest decliner utilities (.SPLRCU), opens new tab, lost 2.2%.
“This is just the excitement about the technology investments,” said Irene Tunkel, chief u.s. equity strategist at BCA Research, noting the market’s narrow breadth on Wednesday. “Everything else just cannot compete with it.”
Shares in Oracle rallied 6.8% while U.S. traded shares of ARM Holdings , a chip technology supplier that is roughly 90% owned by SoftBank, rose 15.9%. Server maker Dell added 3.6%.
“It’s a story of big tech and everything else is hanging in there,” said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management, who attributed much of Wednesday’s rally, particularly in chip stocks, to the AI announcement.
“The direct beneficiary, at least the beginning would be the semiconductor space,” he said pointing to outperformance in the Philadelphia semiconductor index (.SOX), opens new tab, which closed up 1.7%.
But without funding clarity, Stucky described the news as “more of a pie in the sky kind of investment story.”
The S&P 500 (.SPX), opens new tab ended up 37.13 points, or 0.61%, to 6,086.37 just a few points below its last record closing high of 1090.27, reached on Dec. 6.

The Nasdaq Composite (.IXIC), opens new tab gained 252.56 points, or 1.28%, to 20,009.34 while The Dow Jones Industrial Average (.DJI), opens new tab rose 130.92 points, or 0.30%, to 44,156.73
Risk appetites have been boosted recently by strong economic data and cooling inflation along with Trump’s more moderate than feared approach to tariffs since his Monday inauguration.
However, investors are still cautiously watching for the president’s trade plans due to inflation concerns after he warned that tariffs on imports from China, Mexico, Canada and the European Union could be issued on Feb. 1.
The president has ordered federal agencies to complete comprehensive reviews of a range of trade issues by April 1 – the date that analysts at Barclays say markets should focus on.
In individual stocks, Procter & Gamble (PG.N), opens new tab advanced 1.9% after beating second-quarter estimates, driven by growing demand for its household items in the United States.
Johnson & Johnson (JNJ.N), opens new tab shares fell 1.9% although the drugmaker reported fourth-quarter results above estimates.
After rising on Tuesday, Ford (F.N), opens new tab sank 3.8% as Barclays downgraded the stock. Textron (TXT.N), opens new tab shares fell 3.4% after it forecast 2025 profit below estimates.
Halliburton (HAL.N), opens new tab slipped 3.6% after warning of softer North America activity this year and posting downbeat quarterly revenue.
Declining issues outnumbered advancers by a 1.55-to-1 ratio on the NYSE where there were 271 new highs and 57 new lows.
On the Nasdaq, 1,835 stocks rose and 2,571 fell as declining issues outnumbered advancers by a 1.4-to-1 ratio. The S&P 500 posted 39 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 104 new highs and 95 new lows.
On U.S. exchanges 13.89 billion shares changed hands, below the 15.33 billion average for the last 20 sessions.