U.S. stock indexes are drifting higher following a mostly encouraging batch of profit reports from big companies.

Micron (NASDAQ: MU) makes memory chips and storage for phones and computers. However, these chips can also be used for data centers and it is now one of the key players in the AI business. The stock is down 24% from its peak but analysts are eyeing a massive rebound here.

BMO Capital Markets forecasts the S&P 500 will reach 6,700, reflecting a gain of 13.2%. Chief investment strategist Brian Belski said he and his team "remain resolutely bullish," but expect "performance and fundamentals will more closely match the historical norms -- namely, in the high-single digit/low-double-digit percentage range in 2025."

Netflix shot up 14.6% after it reported adding nearly 19 million subscribers during the holiday-season quarter and it topped sales and profit targets. The video streaming service’s expansion into live programming appears to be paying off as it wrapped up its best year ever with more than $40 billion in revenue.

Analysts at Morgan Stanley say Microsoft (NASDAQ: MSFT) is in a "pole position" to capitalize on growing demand for generative artificial intelligence (AI)-powered applications like AI agents. Other analysts seem to agree.

Netflix, Oracle and other tech stocks lifted U.S. indexes as their profits pile higher and excitement builds around AI's moneymaking prospects.

SLB helped lead the market after the provider of services to oilfields delivered bigger profit and revenue for the end of 2024 than analysts expected. It jumped 6.1% after it also raised its dividend by 3.6% and said it’s returning $2.3 billion to its investors by buying back its own stock.

All told, the S&P 500 rose 37.13 points, the Dow Jones Industrial Average gained 130.92 and the Nasdaq composite jumped 252.56.

Stocks in Asia moved higher after a morning briefing by Chinese officials showed the government remains determined to boost share prices.

U.S. stocks are drifting near a record on Thursday as Wall Street’s recent rally loses some momentum. The S&P 500 was down 0.1% in early trading after pulling to the edge of its all-time high Wednesday following its sixth gain in seven days.