NEW YORK (AP) — A rebound for stocks in the AI industry is lifting the U.S. market. The S&P 500 rose 1% Wednesday and was on track for a third gain in four days since last week’s wipeout on worries about
a potential slowdown in the construction of AI data centers. The Dow Jones Industrial Average added 96 points, and the Nasdaq composite rallied 1.5%. CoreWeave helped drive the gains after reporting stronger results for the summer than analysts expected. The cloud company has been at the center of the AI industry’s manic recent swings. The U.S. bond market is closed for a holiday, and oil prices rose.
THIS IS A BREAKING NEWS UPDATE. Check back for updates. AP’s earlier story follows below.
U.S. futures are rising with crude still below $100 a barrel as shares of Nvidia stabilize in a brutal week for the chipmaker.
Futures for the S&P 500 gained 0.9% on Wednesday, while those for the Dow Jones Industrial Average edged up 0.2%. Nasdaq futures climbed 1.9%.
Nvidia was the single heaviest weight on the S&P 500 on Tuesday, but shares are up 3.7% in early trading Wednesday. They are still down almost 10% this week.
The company that is central to the artificial intelligence boom has been under pressure since the company’s board announced an investigation into its CEO, Jensen Huang, following revelations of his affair with a purported Chinese spy. President Donald Trump said the FBI is investigating the affair, which Huang has acknowledged and apologized for.
Among other technology stocks, CoreWeave jumped more than 15% before the market opened after posting better-than-expected third-quarter revenue and a boost in its 2026 revenue outlook.
The U.S. bond market is closed Wednesday for Veterans Day, but the stock markets remain open.
The price of Brent crude, the international standard, rose 1.9% to $93.22 a barrel. U.S. benchmark crude oil gained 1.2% to $87.05 per barrel. Brent remains well below $100 a barrel, with Trump saying late Monday that the war in Iran, which sent oil prices much higher, “militarily is effectively over.”
Oil prices are still about $30 higher per barrel than at this time last year.
New data on consumer inflation Tuesday upended markets and sent the 10-year Treasury yield charging above 5% again. On Friday, the U.S. releases its producer price index for October, which captures inflation before it reaches consumers. The September report showed the biggest increase since December 2022 and that data showed that rising fuel prices, particularly for diesel fuel, continue to push shipping and warehousing prices higher.
In Europe, Germany’s DAX rose 0.7% to 26,531.66 after inflation fell to 2.8% in October from a year earlier, according to the federal statistics office on Wednesday. The CAC 40 in Paris climbed 0.3% to 8,302.23. Britain’s FTSE 100 added 0.4% to 10,797.68.
Asian markets were mostly higher. China’s biggest online shopping festival, Singles Day, began Wednesday. Its sales data will offer a gauge of consumer demand in the world’s second-largest economy.
The U.S. dollar rose to 159.15 Japanese yen from 158.70 yen. The euro fell to $1.1133 from $1.1171.
