NEW YORK (AP) — Wall Street is holding relatively steady Tuesday as stocks in the artificial-intelligence industry support the market, at least for now.
The S&P 500 rose 0.2% and pulled within 1.6% of its all-time high set earlier this month. The Dow Jones Industrial Average was down 88 points, or 0.2%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.
The majority of stocks within the S&P 500 were falling, but gains for several
influential AI-related stocks made up for that. Such stocks have been swerving for weeks on worries about whether their boom is under threat because of how expensive it’s become for companies to borrow money to build data centers and buy more AI chips.
Broadcom climbed 3% after announcing a $63 billion financing deal where several Wall Street firms will help Anthropic get access to Broadcom's XPU AI accelerators and networking solutions.
Elsewhere in the industry, Advanced Micro Devices rose 3.8% and was one of the strongest forces pushing up on the S&P 500 after Broadcom. CoreWeave, a company that’s borrowed money to buy AI chips that it rents out to customers over the cloud, rose 5.2%, though it’s been careening between big gains and losses almost minute by minute in recent days.
General Motors climbed 4.8% after saying it’s moving its stock from a listing on the New York Stock Exchange to the Nasdaq. The automaker said the Nasdaq, which is home to several of the world’s biggest technology stocks, is a fit for its tech-driven strategy. The move could also allow GM to join the Nasdaq 100 index, which would force investment funds that mimic the index to buy it.
GM began trading on the NYSE in 1911.
JetBlue Airways flew 20% higher even though it reported a larger loss for the summer than analysts expected. CEO Joanna Geraghty said it expects to make more in operating profit off each $1 in revenue during the final three months of the year.
Investors may have been bracing for something worse after the airline’s stock came into the day with a loss of nearly 48% for the year so far.
Another travel company, Royal Caribbean Group, also helped lead the market and rose 6.6%. The cruise operator delivered a stronger profit for the summer than analysts expected, while raising its forecast for profit over the full year.
Companies overall are under pressure to deliver big growth in profits. Expectations are high among financial analysts and investors, and that’s what allowed their stock prices to run to records recently despite high inflation, high interest rates and other concerns weighing on the market.
Boeing fell 5.1% after reporting a larger loss for the latest quarter than analysts expected.
Hilton Worldwide Holdings sank 4.3% after reporting weaker revenue for the summer than analysts expected. It also gave a range as a forecast for its profit in the final three months of the year whose midpoint fell below analysts' expectations. The hotel company said it expects to see “increased impact from the Middle East” during the quarter.
Sherwin-Williams dropped 3.1% after delivering a weaker profit than analysts expected. High mortgage rates have helped chill the housing industry, which in turn pressures demand for the paints and coatings Sherwin-Williams sells.
“Customer sentiment and the leading indicators we track point to muted demand over the remainder of the year and into 2027,” CEO Heidi Petz said. At the same time, her company is dealing with inflation pushing up its costs for raw materials.
Confidence among U.S. shoppers has tumbled recently as pressure keeps building on them from high inflation. But a report on Tuesday said that U.S. consumer confidence improved in October, when economists expected further weakening.
In the bond market, Treasury yields held relatively steady a day before the Federal Reserve is set to announce its latest decision on interest rates. The Fed last month hiked the fed funds rate for the first time in three years in hopes of slowing inflation, but the widespread expectation on Wall Street is that it will hold rates steady this time.
The yield on the 10-year Treasury edged down to 4.99% from 5.00% late Monday.
Helping to keep yields in check were relatively modest moves for oil prices. The price for a barrel of Brent crude dipped 0.3% to $110.37.
In stock markets abroad, indexes were mixed across Europe and Asia. Stocks jumped 3.1% in Seoul and fell 1.3% in Shanghai for two of the bigger moves.
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AP Writers Elaine Lai and Matt Ott contributed to this report.
