Nasdaq extends rally for 12th session as AMD surges, Netflix slips
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NEW YORK (AP) — The Nasdaq Composite rose for a 12th consecutive trading session Thursday, driven by a breakout in semiconductor stocks, even as Netflix shares tumbled in late trading and oil prices staged a rebound.
The tech-heavy index closed 1.2% higher, extending its longest winning streak since early 2025. Advanced Micro Devices Inc. (AMD) led the advance, surging more than 6% after reporting earnings that exceeded analyst expectations. The chipmaker’s gains helped offset weakness in other sectors as investors rotated into hardware and artificial intelligence infrastructure.
In contrast, Netflix Inc. shares fell sharply in the final hours of trading, dropping nearly 4% after the streaming giant announced a price increase for its premium subscription tier. The move sparked immediate investor concern over potential subscriber churn, though the company stated the adjustment was necessary to offset rising content costs. The divergence between the two tech giants highlighted the mixed sentiment within the broader technology sector.
Dow Jones futures pointed to a modest gain for the blue-chip index, suggesting a broader market recovery following a volatile week. The S&P 500 also closed in positive territory, gaining 0.8% as energy and industrial stocks joined the rally.
Crude oil prices rebounded from recent lows, with West Texas Intermediate futures climbing 2.5% to settle above $78 a barrel. The increase came after data showed a decline in U.S. crude inventories, signaling stronger demand than previously anticipated. Energy stocks followed suit, with Exxon Mobil and Chevron both posting gains of more than 1.5%.
Market analysts noted that the Nasdaq’s extended rally reflected growing confidence in the technology sector’s ability to navigate economic headwinds. However, the late-day sell-off in Netflix shares raised questions about consumer spending resilience in the face of inflationary pressures.
Trading volume was above average, indicating strong participation from institutional investors. The Federal Reserve’s upcoming policy meeting remains a key focus for market participants, with expectations of a potential rate cut in the second half of the year.
As the trading day concluded, the broader implications of the mixed performance remained unclear. While the Nasdaq’s momentum suggested continued optimism, the volatility in individual stocks like Netflix underscored the fragility of investor sentiment. The coming days will likely reveal whether the rally can sustain itself or if the market is due for a correction.
The divergence between the tech sector’s hardware and software components remains a key theme for investors to watch. With earnings season in full swing, companies across the board are expected to provide further clarity on their growth prospects and cost management strategies.
For now, the market’s ability to balance risk and reward will be tested as traders assess the impact of rising oil prices and shifting consumer behavior. The Nasdaq’s 12-session streak stands as a testament to the sector’s resilience, but the late-day turbulence in Netflix serves as a reminder of the challenges that lie ahead.