Dow up 100, Tesla tops $900, Virgin Galactic spikes

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Around midday ET, the major stock averages were broadly higher as technology stocks such as Apple and Nvidia outperformed. The S&P 500 and Nasdaq are up 0.6% and 0.9%, respectively, and both hit record highs. The Dow, meanwhile, is up 142 points, or 0.5%. —Imbert

Shares of Tesla rose more than 8% on Wednesday to $930, surpassing Piper Sandler’s $928 per share price target, which is the highest price forcast of any Wall Street firm. Piper Sandler told clients it is confident in Tesla’s push into new areas of clean energy. Tesla’s stock is getting close to its all-time high, touched on February 4, of $968.99 per share. —Fitzgerald

The Technology Select Sector SPDR ETF (XLK) rose more than 1% to an all-time high, leading the broader market back to record levels. Shares of Nvidia and Analog Devices led the XLK higher, rising more than 4% each. Tech’s move higher was part of a broader trend Wednesday that favored so-called momentum stocks, which are defined by their high growth expectations relative to the broader market. The iShares Edge MSCI USA Momentum ETF (MTUM) rose 0.4% and also reached record levels. The iShares Russell 1000 Growth ETF (IWF) climbed 0.6% to an all-time high. —Imbert, Francolla

The S&P 500 jumped 0.4% to a new record about 20 minutes after the open. Tech shares led the way with Apple up 1.1%. The stock has almost completely made up Tuesday’s decline following its revenue warning about the coronavirus. – Melloy

The Dow climbed 103 points at the open, poised to snap a three-day losing streak. The S&P 500 and the Nasdaq Composite also moved up 0.3% and 0.2%, respectively. Apple rebounded from Tuesday’s losses, up 0.6%. Tesla shares are on the rise again, surging more than 6% to above $900 a piece.— Li

Shares of the meal kit service slid more than 7% in Wednesday’s premarket trading after the company reported disappointing fourth quarter earnings and said that it was considering “strategic alternatives.” For the quarter Blue Apron lost $1.66 per share, which was larger than the $1.60 loss analysts polled by FactSet had been expecting. Revenue also missed estimates. As the company struggles – shares have shed more than 80% in the last year – the company said it was exploring options. “These alternatives could include, among other things, a strategic business combination, a capital raise through the public or private markets, a transaction that results in private ownership or sale of the company or its assets, or some combination of these,” a press release said. -Stevens

Shares of Garmin gained more than 8% ahead of the market’s open following the company’s fourth quarter earnings results, which topped analyst expectations on the top and bottom line. The fitness device maker posted earnings of $1.29 per share, compared to the consensus of $1.05, according to estimates from FactSet. Revenue came in at $1.10 billion, ahead of the $1.01 billion expected. The company also gave upbeat guidance, and raised its dividend. -Stevens

The producer price index jumped by 0.5% in January, the biggest one-month advance since October 2018, as costs in health care and hotel accommodation services climbed, the Labor Department said. Wednesday’s print easily beat a Reuters estimate of a 0.1% gain. Producer prices also gained 2.1% in the 12 months through January. —Imbert