AI trade gets a fresh boost from earnings
SPY•U.S. stocks were mixed early Wednesday as SpaceX and Super Micro Computer shares rose more than 12% after earnings, while Netflix fell 3% after its outlook disappointed investors. Tesla gained more than 3% as investors awaited results from Tesla and Meta Platforms after the close.
1. AI-linked shares rise
Wall Street’s main indexes were mixed early Wednesday after earnings from SpaceX and Super Micro Computer renewed enthusiasm for AI-linked stocks. SpaceX climbed around 12% after reporting its first profit as a public company and Elon Musk said a merger with Tesla would be “a good idea”; Tesla gained more than 3%. Super Micro Computer rose more than 12%, while Netflix fell 3% after its forecast disappointed investors.
2. Sector and market moves
Technology and industrials led S&P 500 sector gainers, while communication services was the weakest group, down more than 1%. The Philadelphia Semiconductor Index rose about 1%, and the Tema Space Innovators ETF gained more than 6%, though it remained nearly 50% below its May 27 record closing high. Investors were also looking ahead to earnings from Tesla and Meta Platforms after Wednesday’s closing bell.
