Wall Street switches back to gains as AI mood shifts
SPY•The Nasdaq rose more than 1% and the S&P 500 advanced as CoreWeave shares jumped more than 19% after it said it expects adjusted profitability in the first half of 2028. Technology stocks led sector gains, while the Dow edged lower.
1. AI shares rebound
The Nasdaq and S&P 500 advanced on Wednesday, seeking to recover from Tuesday’s selloff as investors returned to AI-linked stocks. CoreWeave shares gained more than 19% after the company said it expects to become profitable on an adjusted basis in the first half of 2028, citing demand and customer commitments supporting its debt-funded expansion.
2. Technology leads gains
The S&P 500 technology sector rose more than 2%, while healthcare fell 0.9%. Semiconductor stocks outperformed software: the PHLX semiconductor index climbed more than 4%, while the S&P 500 software and services index slipped about 0.5%. Nvidia rose more than 2% after falling in the prior two sessions.
3. Other markets mixed
The Dow edged lower, while the STOXX 600 rose about 0.4%. The dollar advanced about 0.6%, and U.S. crude rose about 3%; bitcoin and gold edged down. The U.S. bond market was closed for Veterans Day.
