The S&P 500 closed at a fresh record high on Wednesday, with investor attention now pivoting to a slate of major earnings reports from industrial giants and continued momentum in the semiconductor sector.

Thursday's Earnings Spotlight: Industrials and Payments
The morning session features key reports from two industrial bellwethers:

• Caterpillar and Honeywell are set to release quarterly results live on CNBC. Caterpillar shares have surged 22% over the past three months, while the broader S&P Industrials sector is up nearly 6% year-to-date, led by Generac Holdings with a 28% gain.

• Mastercard will also report, with its stock under pressure, down nearly 8% over the last quarter.

Post-Market Tech Moves Set the Tone
After-hours trading was dominated by a sharp divergence in tech giants reporting Wednesday evening:

• Meta Platforms surged 7% following better-than-expected fourth-quarter results and robust first-quarter revenue guidance.

• Microsoft fell more than 6% despite beating earnings estimates, as investor disappointment centered on the performance of its key Azure cloud unit.

Semiconductors Continue Record Run
Chip stocks remained a powerful market driver. The iShares Semiconductor ETF (SOXX) and the VanEck Semiconductor ETF (SMH) each rose over 2%, with both hitting new all-time highs on Wednesday. The SMH is up approximately 16% year-to-date.

Apple in Focus Ahead of Earnings
All eyes are on Apple, which reports after the closing bell Thursday. The stock has declined nearly 5% over the past three months and sits about 11% below its December peak, putting heightened importance on its results and forward commentary.