Nasdaq jumps nearly 1.6% | Finding the next earnings winner like Netflix | Tesla quarterly results

Tech stocks led gains on Wednesday as investors moved toward risky assets.

VIEW IN BROWSER | SUBSCRIBE WED, JUL 20, 2022 EVENING BRIEF AS OF WED, JUL 20, 2022 • 05:04 ET DJIA 31874.84 +0.15% +47.79 S&P 500 3959.90 +0.59% +23.21 NASDAQ 11897.65 +1.58% +184.50 Most Active DOW NAME LAST CHG %CHG AAPL 153.04 +2.04 +1.35% INTC 40.56 +0.34 +0.85% VZ 49.07 -1.38 -2.74% S&P 500 NAME LAST CHG %CHG AMD 89.43 +3.55 +4.13% NVDA 178.07 +8.15 +4.80% AMZN 122.77 +4.56 +3.86% NASDAQ NAME LAST CHG %CHG AMD 89.43 +3.55 +4.13% NVDA 178.07 +8.15 +4.80% AMZN 122.77 +4.56 +3.86% EDITOR'S NOTE Tech stocks led gains on Wall Street as investors, hopeful that the market has finally found a bottom, shifted into more risky assets. On Wednesday, the Nasdaq Composite surged more than 1%, and all three major averages reached their highest point since early June.     Semiconductor stocks outperformed as the Senate pushed forward a $50 billion bill to bolster chip manufacturing in the U.S. Shares of Advanced Micro Devices jumped 4.1%, Nvidia was up 4.8%, and Qualcomm advanced 2.9%.   Meanwhile, streaming stocks jumped on the back of better-than-expected earnings from Netflix, which said it lost 970,000 subscribers in its most recent quarter, less than the previously forecasted 2 million. Shares of Netflix jumped nearly 7.4%. Disney advanced about 3.8%. Paramount climbed 3.8%, and Roku surged 6.9%.   "I think the evolution of this drawdown is playing out as you'd want it to be scripted," said Art Hogan, chief market strategist at B. Riley Financial. "I think it's likely that we've reached a point of capitulation that we can have a significant rally off of."   The pivot into growth stocks from more defensive sectors such as health care and utilities came amid some recent indicators that the bear market may have bottomed.   On Tuesday, the Dow Jones Industrial Average surged more than 700 points, as a Bank of America survey suggested deteriorating sentiment could potentially set up a buying opportunity in the market.    "We view this bullish breadth day as a sign that the summer rebound for U.S. equities can continue," wrote Stephen Suttmeier, technical research strategist for Bank of America, in a note Wednesday.   Regardless, other market participants struck a more skeptical tone, as they awaited more clarity on the economic outlook.    "History says, but does not guarantee, that yesterday was more likely a bear market bounce than the start of a new bull market," said Sam Stovall, chief investment strategist at CFRA Research.    Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks rise, fueled by tech rally, as all major averages touch highest since early June Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers Netflix's earnings results mark pivot point for streaming giant, for better or worse The reason behind a mysterious trading surge in stocks like Berkshire Hathaway has been revealed Gasoline prices may have peaked for the summer and could be headed below $4 S&P 500 triggers signal with perfect track record for calling end of bear markets Finding the next surprising earnings winner like Netflix where expectations got too negative Bulls finally have some momentum behind them, but don't sound the all-clear just yet War in Ukraine could now expand beyond Donbas, Russia warns; EU says it's being blackmailed by Moscow over gas Tesla grows revenue 42%, but automotive margins decline TOP VIDEO Buybacks have been the biggest killer of stock prices, says Reynolds Strategy's Brian Reynolds CNBC PRO This hedge fund manager is suddenly one of Twitter's top 10 shareholders in a bet that Musk will lose SPECIAL REPORTS This withdrawal strategy can help retirees stretch savings, but it's 'highly unlikely you'd stick to it,' says CPA Millennial and Gen Z workers aren't saving enough for retirement—here are 3 tips to get on track Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS