S&P 500, Nasdaq rise as CoreWeave results ease AI spending worries
SPY•The S&P 500 rose 0.76% and the Nasdaq gained 1.16% after CoreWeave shares jumped 12.7% as the company targeted adjusted profitability in the first half of 2028. The Dow fell 0.13%.
1. CoreWeave lifts AI shares
CoreWeave shares jumped 12.7% after the company said it expected to become profitable on an adjusted basis in the first half of 2028. The results eased investor concerns about AI spending and supported gains in AI infrastructure stocks, including Nebius Group, up 12.5%, and Applied Digital, up 5.2%.
2. Major indexes advance
At 9:49 a.m. ET, the S&P 500 was up 0.76%, the Nasdaq Composite had gained 1.16% and the Dow Jones Industrial Average was down 0.13%. Nvidia rose 2.4% after losing about $430 billion in market value over the prior two sessions, while the Philadelphia Semiconductor index gained 3%.
3. Rate concerns persist
Investors also weighed hotter-than-expected inflation data, which reinforced expectations of a Federal Reserve rate increase next month. Traders saw a hike as certain and an 11.5% chance of a half-percentage-point increase.
