Stocks end higher as CoreWeave results ease AI spending worries
SPY•SPY•SPY•SPY•U.S. stocks closed higher, with the S&P 500 up 1.31% and the Nasdaq up 1.60%, after CoreWeave’s results eased concerns about AI spending. CoreWeave shares rose 24.7%, while the semiconductor index gained 5.7%.
The S&P 500 and Nasdaq each rose more than 1% on Wednesday as CoreWeave’s results cooled investor concerns about the durability of the AI trade. The Dow gained 0.49%, the S&P 500 rose 1.31% and the Nasdaq climbed 1.60%.
CoreWeave shares surged 24.7% after the company said it expected to become profitable on an adjusted basis in the first half of 2028. Nvidia advanced after losing about $430 billion in market value over the previous two sessions. The Philadelphia semiconductor index jumped 5.7%, with every component advancing.
Investors also weighed hot inflation data that pushed Treasury yields higher and cemented expectations of a Federal Reserve rate hike next month. The S&P 500 technology sector led the 11 major sectors, gaining 2.7%.
