U.S. Stocks End Wednesday on High Note
(MENAFN) A blowout earnings report from SpaceX and a rally in Tesla drove U.S. stocks higher Wednesday, as investors weighed a fresh batch of corporate results and the outlook for artificial intelligence spending.
The Dow Jones industrial average added 360.21 points, or 0.69%, to finish at 52,856.09. The S&P 500 rose 0.58% to 7,757.17, its third straight winning session. The Nasdaq composite jumped 1.05% to 26,702.86.
SpaceX shares leapt 7.8% after the company disclosed that third-quarter revenue climbed 161% from a year earlier, powered by its artificial intelligence business and a growing base of Starlink subscribers.
Elon Musk also said SpaceX and Tesla have set up special committees to explore a possible merger. Tesla stock rose more than 3.4% on the news.
SpaceX’s AI unit grew ninefold, reigniting demand for chipmakers even as worries persist over the scale of AI infrastructure spending and its dependence on debt financing. Advanced Micro Devices gained more than 3.3% and Nvidia rose more than 2.5%. Micron Technology and Marvell Technology each added nearly 2%.
Netflix was a notable laggard, tumbling more than 5% after its full-year revenue forecast fell short of analyst estimates. The streaming company also cut its annual advertising revenue guidance.
Traders were also tracking quarterly results from Tesla, Meta Platforms, IBM and Southwest Airlines.
European markets climb on earnings strength
Stocks in Europe also finished higher Wednesday, as robust corporate earnings buoyed sentiment despite ongoing geopolitical uncertainty.
The pan-European Stoxx Europe 600 rose 0.92% to 644.49. Germany’s DAX gained 1.35% to 25,645.04, and Italy’s FTSE MIB advanced 1.17% to 49,643.69. France’s CAC 40 climbed 1.06% to 7,921.68, while Britain’s FTSE 100 edged up 0.19% to 10,752.88.
The advances came even as investors kept a wary eye on the economic fallout from escalating protests in France.
The Dow Jones industrial average added 360.21 points, or 0.69%, to finish at 52,856.09. The S&P 500 rose 0.58% to 7,757.17, its third straight winning session. The Nasdaq composite jumped 1.05% to 26,702.86.
SpaceX shares leapt 7.8% after the company disclosed that third-quarter revenue climbed 161% from a year earlier, powered by its artificial intelligence business and a growing base of Starlink subscribers.
Elon Musk also said SpaceX and Tesla have set up special committees to explore a possible merger. Tesla stock rose more than 3.4% on the news.
SpaceX’s AI unit grew ninefold, reigniting demand for chipmakers even as worries persist over the scale of AI infrastructure spending and its dependence on debt financing. Advanced Micro Devices gained more than 3.3% and Nvidia rose more than 2.5%. Micron Technology and Marvell Technology each added nearly 2%.
Netflix was a notable laggard, tumbling more than 5% after its full-year revenue forecast fell short of analyst estimates. The streaming company also cut its annual advertising revenue guidance.
Traders were also tracking quarterly results from Tesla, Meta Platforms, IBM and Southwest Airlines.
European markets climb on earnings strength
Stocks in Europe also finished higher Wednesday, as robust corporate earnings buoyed sentiment despite ongoing geopolitical uncertainty.
The pan-European Stoxx Europe 600 rose 0.92% to 644.49. Germany’s DAX gained 1.35% to 25,645.04, and Italy’s FTSE MIB advanced 1.17% to 49,643.69. France’s CAC 40 climbed 1.06% to 7,921.68, while Britain’s FTSE 100 edged up 0.19% to 10,752.88.
The advances came even as investors kept a wary eye on the economic fallout from escalating protests in France.
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