S&P 500, Nasdaq rise over 1% as CoreWeave results calm AI spending jitters
SPY•The S&P 500 rose 1.25% and the Nasdaq gained 1.85% as CoreWeave’s results eased concerns about AI spending. CoreWeave shares jumped 25.3% after it said it expected adjusted profitability in the first half of 2028.
1. Stocks climb
The S&P 500 and Nasdaq rose more than 1% on Wednesday after CoreWeave’s results eased investor concerns about AI spending. The Dow rose 0.10%, while the S&P 500 gained 1.25% and the Nasdaq added 1.85%.
2. AI stocks rebound
CoreWeave shares jumped 25.3% after the company said it expected to become profitable on an adjusted basis in the first half of 2028. Nvidia rose 3.8% after losing about $430 billion in market value over the previous two sessions. The Philadelphia Semiconductor Index gained 7%.
3. Rate concerns remain
Investors continued to weigh concerns about data center deployment and higher interest rates. Hotter-than-expected inflation data reinforced expectations that the Federal Reserve would raise rates next month, with traders fully pricing in a hike.
