Stock Market Today: Dow, S&P 500 Set to Open Up; Nasdaq Futures Fall; Anthropic Fears; Alphabet, AMD, Palantir, Nvidia, PayPal, More Movers

The software stock selloff is obscuring some phenomenal stock market breadth.

Though the S&P 500 is down 0.7%, roughly 350 stocks in the index are set to close higher. The Dow was up 241 points, or 0.5%. The Nasdaq Composite was down 1.7%.

There were 82 stocks in the S&P 500 that hit 52-week intraday highs on Wednesday. That’s the most in a single trading day since Nov. 25, 2024, according to Dow Jones Market Data.

“Cynics will no doubt point out that the last time we saw over 80 stocks making new highs occurred near the very end of a two-year run—creating a veritable exhaustion spike,” writes Frank Cappelleri, founder of technical analysis firm CappThesis. “That’s true, but this is why focusing on the last time something occurred can be flawed.”

Cappelleri notes that after the August to October 2023 selloff, there was a solid stretch of days with 80-plus stocks at 52-week highs. When the number of fresh highs stalled in December 2024, the market “became more fragile.”

“For now, could this be a sign that more and more stocks begin making new highs alongside the SPX,” he writes. “It’s not out of the question, given how strong the non-growth areas have been. In fact, that would be the next logical step.”