**22 S&P 500 stocks hit new 52-week highs**
Tech titans Alphabet, Meta, and Nvidia were among the 22 stocks within the S&P 500 to hit new 52-week highs during Wednesday’s trading session. Shares of Alphabet’s C Class traded at levels not seen since April 2022, while Meta stock traded at levels unseen since September 2021. Nvidia reached a new all-time high, reaching its highest intraday level since its IPO in January 1999. D.R. Horton, Allstate, Progressive, Visa, Boston Scientific, Eli Lilly, and McKesson were just a few other names to reach this milestone today.
Christopher Hayes and Lisa Kailai Han reported for the company.
**5 Hours Ago**
**ETF issuers keep cutting fees for bitcoin funds**
The battle to lower fees on bitcoin ETFs continues to heat up even though the funds have not yet been approved. Ark Invest and 21Shares said in a filing late Tuesday that the fee on their proposed bitcoin ETF would be 0.21%, down from 0.25%. Meanwhile, BlackRock’s iShares Bitcoin Trust now has a proposed fee of 0.25%, down from 0.30%. Both funds also have waivers that will temporarily reduce the fee even further.
This report was brought to you by Jesse Pound.
**4 Hours Ago**
**See the stocks making notable premarket moves**
TG Therapeutics — The biopharmaceutical stock jumped 11.7% after providing preliminary net product revenue for the company’s multiple sclerosis treatment. Intuitive Surgical — The medical stock popped 4.9% after its preliminary fourth-quarter revenue report of $1.93 billion, topping the $1.87 billion consensus estimate of analysts polled by StreetAccount. Bloom Energy — Shares climbed 4.3% on the heels of an upgrade to outperform by Baird.
Alex Harring reported this information.
**15 Mins Ago**
**Stock futures open little changed**
The S&P 500 rose 0.1% at the open, while the Dow Jones Industrial Average gained 32 points, or 0.1%. The Nasdaq Composite advanced 0.2%. Fred Imbert provided this market update.
**An Hour Ago**
**Bankruptcy surge last year sounds worse than it is, Capital Economics says**
A wave of bankruptcy filings at the end of 2023 sounds like a bad omen for this year, but it’s worth digging into the numbers, according to Capital Economics. It said about a quarter of the filings in the final three months of the year were all tied to the WeWork bankruptcy. “Excluding those, Chapter 11 filings fell last quarter … which looks consistent with weak rather than negative GDP growth,” Stephen Brown, the firm’s deputy chief North America economist wrote in a research note. He added, “with corporate bond yields falling sharply in the past few months, the worst may already be behind us.”
This report was contributed by Christina Cheddar Berk.
**An Hour Ago**
**RBC Capital Markets downgraded technology, says median valuation looks expensive**
RBC Capital Markets is moving to the sidelines on the information technology industry, downgrading the sector to market weight. “We continue to like the sector’s positive revisions trends on both EPS and sales forecasts,” wrote Lori Calvasina, the firm’s head of U.S. equity strategy. “But valuations are now clearly expensive for the median stock in the sector on both an absolute and relative P/E basis, a change from a few months ago when valuations for the median stock looked more reasonable on our model.”
Simultaneously, the firm upgraded consumer discretionary to market weight from underweight and utilities to overweight from market weight.
Samantha Subin reported on this development.
Overall, it has been a day of mixed news within the financial sector, with major changes in the tech industry and notable premarket moves amongst various sectors and companies. Market futures reflect minor changes at the opening of trading, suggesting a day of stability.