US stocks on the move: PepGen, Rigetti Computing, Lithium Americas
SPY•The S&P 500 rose 1.63% and the Nasdaq gained 2.28% by 1:30 p.m. EST as CoreWeave's earnings eased concerns about AI spending. PepGen surged after seeking an equity raise following drug data, Rigetti fell after missing Q3 results, and Lithium Americas dropped after raising its Thacker Pass capital-cost estimate.
1. Major indexes rise
The S&P 500 and Nasdaq climbed more than 1% on Wednesday, while the Dow was up 0.49% at 1:30 p.m. EST. The S&P 500 rose 1.63% to 7,643.61 and the Nasdaq Composite gained 2.28% to 25,638.06.
2. Company movers
PepGen shares surged as the company sought an equity raise following muscle-disease drug data. Rigetti Computing shares fell after its third-quarter results missed expectations. Lithium Americas fell after raising its capital expenditure estimate for the Thacker Pass project.
3. AI stocks rebound
CoreWeave's solid earnings eased investor concerns about high AI spending, while Nvidia recovered some ground after falling in the previous two sessions. The information technology sector of the S&P 500 rose 3.8%.
