Live Stock Market News: S&P 500 Moves Higher Before Big Tech Earnings

The S&P 500 is up modestly to .44% on the day.

U.S. equities pushed to fresh all-time highs as large caps extended their leadership over small caps for a third consecutive session, reinforcing a quality and safety bias in today’s tape. The Nasdaq 100 outperformed, driven primarily by continued strength across AI-linked themes, including memory, data centers, and semiconductor infrastructure. The move comes ahead of high-profile earnings from Meta Platforms and Microsoft after the close tomorrow, with storage results from Seagate due later today and Sandisk reporting Thursday evening, keeping the AI complex firmly in focus.

Macro conditions remained supportive. Treasury yields were stable and bond volatility subdued as markets positioned cautiously ahead of tomorrow’s FOMC decision. Persistent U.S. dollar pressure continued to act as a tailwind for risk assets, helping equities grind higher despite mixed breadth beneath the surface. While growth and value traded largely in line, large-cap stocks outperformed by roughly 50 basis points, underscoring a preference for balance-sheet strength and earnings visibility.

Sector performance was uneven. Technology led gains, while utilities showed early strength following upbeat guidance from NextEra Energy, though profit-taking emerged as the session progressed. Healthcare lagged the broader market, weighed down by sharp declines in managed care names following Medicare Advantage reimbursement news, even as hospitals rallied on strong results from HCA. Financials and real estate also underperformed, with selling pressure concentrated in office REITs ahead of earnings.

Overall factor performance was mixed, with momentum leading and low-volatility lagging, reflecting selective risk-taking rather than broad risk-on behavior. Positioning remains tactical, with investors favoring AI exposure and large-cap stability while remaining cautious around policy risk and upcoming earnings catalysts.

Target (TGT) was upgraded to Peer Perform by Wolfe Research ahead of the company’s upcoming investor day, reflecting a more balanced assessment of risk and reward. While operating challenges persist, the firm highlighted Target’s substantial owned real estate as a meaningful source of underlying value. Wolfe also pointed to early signs of stabilization in the core business that could limit further downside.

CoStar Group (CSGP) was upgraded to Buy by BTIG, which sees an improving setup as investment spending moderates and growth initiatives regain traction. The firm pointed to rising momentum at Homes.com and upcoming AI-driven product enhancements as potential catalysts for renewed bookings growth. With expectations already reset lower, BTIG believes CoStar is positioned to deliver accelerating organic growth and outperform consensus forecasts.

Nvidia traded essentially flat over the past week at $186.47 despite Microsoft unveiling its proprietary Maia 200 AI chip. The semiconductor leader’s resilience stems from strong institutional buying, including a 43.1% stake increase by FengHe Fund Management, and continued dominance in AI infrastructure.

Samsung’s upcoming HBM4 memory production, expected to ship to Nvidia as early as February, diversifies the company’s supply chain beyond SK Hynix and positions it for the next-generation Vera Rubin AI platform launch.