In a continuation of their impressive winning streaks, the S&P 500 and Nasdaq extended their gains on Wednesday, marking new milestones in the stock market. The S&P 500 closed up 0.1%, securing its eighth straight day of gains, the longest winning streak for the benchmark index since 2021. The Nasdaq Composite also rose around 0.1%, extending its own streak for the ninth consecutive session. However, the Dow Jones Industrial Average ended the day slightly lower, down approximately 0.1%.

The red-hot run of gains on Wall Street comes as investors evaluate the latest round of corporate earnings amid a relatively quiet week on the economic calendar. Disney, one of the notable companies reporting earnings, revealed its fiscal fourth quarter and full-year 2023 earnings after the bell on Wednesday. This marked the first time the media giant delivered earnings under its new reporting structure, following a reorganization by CEO Bob Iger into three core business segments: Disney Entertainment, Experiences, and Sports.

While Disney's stock has struggled overall this year, down about 3% since the start of the year and hitting a nine-year low recently, analysts are eager to see the impact of the company's new structure and the ongoing battle with activist investor Nelson Peltz.

In the tech sector, Alphabet, the parent company of Google, announced its expansion of the generative AI-powered search platform, Search Generative Experience (SGE), into over 100 countries and territories. This expansion aims to regain attention in the AI search space, competing with Microsoft's Bing and OpenAI's ChatGPT. The SGE provides users with conversational-sounding text responses, along with images and videos, making search queries more interactive.

The S&P 500's positive performance has been largely led by the technology sector, which has seen a significant increase of nearly 0.5% over the past week. This trend aligns with the overall market bounce, as the S&P 500 has shown consistent growth for seven consecutive days.

However, despite the overall positive market sentiment, some stocks have faced challenges due to missing Wall Street's profit estimates. Warner Bros. Discovery, Toast, and Upstart Holdings have all experienced significant declines in their stock prices. This highlights the current market environment, where missing earnings expectations could have a more pronounced impact than usual, possibly influenced by the Federal Reserve's interest rate stance.

Warner Bros. Discovery, in particular, experienced a nosedive in stock price, falling over 15% in early trading on Wednesday. The company expressed concerns about the ongoing weakness in the ad market, potentially affecting its visibility for 2024 and hinder its ability to reach its target leverage range.

As traders and analysts closely monitor corporate earnings and navigate the impact of various market factors, the stock market continues to witness significant movement and volatility. With the S&P 500 and Nasdaq's extended winning streaks, coupled with the latest developments from Disney and Google, investors remain eager to identify new opportunities and adapt to the evolving market landscape.