The major market averages continued to move higher in early afternoon trade Wednesday, reaching fresh record highs with strong gains among leading chip stocks. Meanwhile, FANG stock Netflix ( NFLX ) broke out above a potential buy point.
[ibd-display-video id=3061062 width=50 float=left autostart=true] The tech-heavy Nasdaq led the way, padding the morning's gains and rising 0.8%.
The S&P 500 and Dow Jones industrial average rose more than 0.5% and 0.3%, respectively.
On the economic front, the Federal Reserve will release its minutes from its recent policy meeting at 2 p.m. ET.
Among the Dow Jones industrial components, Apple ( AAPL ) continued its two-day rebound after finding solid support at the 50-day line Tuesday. At 1:30 p.m. ET, shares moved up nearly 0.7% to 173.36, but still remain below a 176.34 flat-base entry. Apple attempted a breakout on Dec. 18 before stumbling.
On the downside, Intel ( INTC ) dropped nearly 4%, as an earlier rally attempt sputtered. The stock fell after the Register reported that some Intel chips have a security flaw that will force redesigns in Linux and Windows operating systems. Shares are below a 47.40 buy point. Rival Advanced Micro Devices ( AMD ) moved up 7%, but remains below its long-term 200-day moving average line.
Video streaming platform Netflix advanced more than 2% to break out above a 204.48 flat-base buy point in the stock market today . At around 1:30 p.m. ET, volume was tracking roughly 80% above average, well-above the IBD standard 40%-50% increase for a breakout day . The 5% buy range tops out at 214.70.
Meanwhile, fellow FANG plays Facebook ( FB ) and Amazon.com (AMZN) were rapidly approaching their own buy points. Facebook moved up 1.1% to 183.45, just 90 cents shy of a 184.35 flat-base entry. Amazon rose 0.8% to 1199 - about 1% away from a 1213.51 buy point.
Facebook is part of the growing IBD Sector Leaders list .
Leading chip stocks were sharply higher midday Wednesday after the Register's report, extending Tuesday's strong gains . Graphics-chip maker and IBD 50 name Nvidia (NVDA) surged more than 5% to get back above its 50-day line. The stock is building the right side of potential cup-shaped base. If no handle forms, the proper buy point is the left-side high of the cup plus a dime.
Airlines were under pressure in midday trade Wednesday. Delta Air Lines (DAL) declined over 2% after raising its Q4 cost forecasts . Shares are in buy range from a 54.16 cup-with-handle entry. Leaderboard member Southwest Airlines (LUV) fell 2%, but remains extended from a 59.99 buy point.
Inside the IBD 50 , Universal Display (OLED) rose over 2%, as the stock continues to find support at its 50-day line. Shares are nearing the completion of a cup-shaped base, but remain about 8% away from their 52-week high.
On the downside, Floor & Decor (FND) was on pace to extend a losing streak to three trading sessions. Shares fell 1.4% to move even further below a 46.34 cup-with-handle entry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.