US Indices Forecast: Arista, Viasat, and Capri Push S&P500 and Nasdaq Higher

Apple and Earnings Drive Midday Gains as S&P 500 Reclaims Key Level

U.S. stocks are trading higher at mid-session Wednesday, with the S&P 500 up 0.68% to 6,368.50 after bouncing off key support near 6,240.

Gains are being led by tech and consumer discretionary stocks, anchored by a 5% rally in Apple following its $100 billion manufacturing pledge. The Nasdaq is outperforming with a 1% gain, while the Dow is up 93 points.

This bounce follows a period of weakness, with the S&P 500 recently logging five down days out of six. Today’s strength brings the index back above 6,354 resistance, eyeing the 6,381 intraday high. Bulls are trying to hold above the 50-day SMA at 6,206.7.

Apple and Arista Networks Surge—Can Tech Lead the Way Back Up?

Apple’s rally is boosting sentiment across big tech. The iPhone maker’s $100 billion investment in U.S. manufacturing over the next four years—bringing its total U.S. spend to $600 billion—was confirmed by the White House. The news has reinvigorated interest in megacap growth.

Arista Networks is up 17% on a strong beat, helping tech lead the morning. The sector is trading 1.23% higher, with communication services up 0.67% behind a 24% gain in Viasat. However, Snap is weighing on the group, down 18% after a slight revenue miss.

McDonald’s, Grocery Outlet, Capri Power Consumer Discretionary Strength

Consumer discretionary is the session’s top-performing sector, up 2.18%. McDonald’s is adding 2% following solid earnings that beat on both EPS and revenue. Grocery Outlet exploded 38% higher after topping Q2 estimates and raising full-year guidance.

Capri Holdings is up 11% after a strong earnings beat and upbeat forward outlook. Bloomin’ Brands, however, is down 28% after issuing weak guidance, even as Q2 results beat.

AMD, Super Micro, Opendoor Slide as Outlooks Disappoint Despite Beats

Despite 81% of S&P 500 companies beating estimates, reactions remain mixed. AMD is down 6% after missing by just a penny. Super Micro Computer fell 21% after issuing weaker-than-expected guidance. Opendoor and Lucid are also sharply lower on soft forward commentary, reminding traders that forward outlooks are carrying more weight than current-quarter beats.

S&P 500 Levels to Watch: 6,381 Resistance and 6,354 Support in Focus

The S&P 500 is holding above 6,354, with 6,381 as intraday resistance.

A break above 6,381 would open the door to retest July’s 6,468.50 high. Support rests at 6,239.50 and the 50-day SMA at 6,206.7. If bulls lose that level, the focus could shift toward the 200-day SMA near 6,022.60.

Volume remains light so far, with traders watching for post-lunch follow-through and key earnings still to come after the close.

More Information in our Economic Calendar.