- Nasdaq 100 surged 668 points, or 2.4%, reaching a day high of 28,409.49 on Nov 11
- S&P 500 gained 79.78 points, or 1.06%, closing at 7,600.71 amid AI stock recovery
- CoreWeave's Q3 revenue rose 168%, boosting global tech stocks and investor optimism
US benchmark indices such as Nasdaq and S&P 500 surged after the opening bell on Wednesday, November 11 as AI stocks recovered, including Nvidia after two sessions of significant losses.
Nasdaq 100 advanced 668 points, or 2.4%, hitting day's high at 28,409.49 and S&P 500 gained 79.78 points, or 1.06%, to 7,600.71, while, the Dow Jones Industrial Average traded marginally lower at 52,181.16.
Wall Street closed lower on Tuesday, November 10 following a hotter-than-expected inflation report and hawkish Federal Reserve remarks raised interest rate worries.
Here's are three reasons driving the Wall Street today -
AI Stocks Recover
CoreWeave earnings have boosted investors optimism on artificial intelligence trade. The company's third-quarter revenue rose 168%, beating analyst expectations, while the shares surged over 13% after earnings' announcement. The results boosted sentiment across global technology stocks. South Korea's Kospi climbed 2.6%, with SK Hynix advancing 5.36% and Samsung Electronics trading 3.57% higher. European chipmakers also were in green, with Infineon rising 6.3% and ASMI surging 5.5%. Shares of SanDisk gained over 10%, SK Hynix up 6%, Broadcom traded 5% higher, while AMD rose more than 2%.
Nvidia Rebounds
Shares of Nvidia recovered, with shares rising over 3% after the opening bell on Wednesday, November 11 after closing more than 5% lower in the previous session as investors assessed investigation involving CEO Jensen Huang and his alleged personal relationship with a businesswoman allegedly having links to Chinese intelligence.
Easing Geopolitical Tensions
Trump's remarks on easing tensions with Iran have also improved sentiment. Stocks inched higher after US President Donald Trump indicated that further military action against Iran was less likely, easing concerns about an escalation in the Middle East. Easing Middle East tensions has possibly improved investors' willingness to take exposure to equities, particularly growth and technology stocks.
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