The Nasdaq 100 rose 2.8% to 28,509. Chipmakers did the heavy lifting. The VanEck Semiconductor ETF (NASDAQ:SMH) jumped 6.3%, and Micron Technology Inc. (NASDAQ:MU) rallied 13.2%.
The S&P 500 rose 1.4% to 7,628, up 107 points.
The Dow Jones Industrial Average gained 121 points, or 0.2%, to 52,353. Nvidia Corp. (NASDAQ:NVDA) led the blue-chip index with a 4.6% gain to $176.59, even after Baird cut the stock to Neutral from Outperform and slashed its price target to $200 from $500 over fallout from CEO Jensen Huang‘s admitted affair. The rebound added about $185 billion to Nvidia’s market value.
CoreWeave Revives AI Trade
CoreWeave Inc. (NASDAQ:CRWV) soared 25.1%, its biggest one-day gain since June 3, 2025, pulling chipmakers, memory producers and power stocks back into the artificial-intelligence trade. The Nasdaq 100 climbed 2.8%.
The Livingston, New Jersey-based company does not plan to issue parent-level unsecured debt through 2027 at current yields and sees less than $5 billion of parent-level capital needed over that period to deliver its backlog.
Third-quarter revenue rose 168% to $3.66 billion, and pro forma operating margin reached 10.4%.
Within the Magnificent Seven…
Microsoft Corp. (NASDAQ:MSFT) fell 2.2% as Anthropic rolled out new Claude tools aimed at spreadsheets and office work. The Russell 2000 advanced 0.8% to 2,844, and the CBOE Volatility Index dropped 8.4% to 17.82.
West Texas Intermediate crude rose 2% to $87.76 a barrel and Brent gained 2.3% to $93.64, rebounding from two-month lows after Iran’s security chief said Tehran would not allow enriched nuclear material to leave the country. Gold slipped 0.6% to $4,007 an ounce, silver rose 1.7% to $52.08, and Bitcoin (CRYPTO: BTC) edged up 0.7% to $74,258.
On the data front, mortgage applications rose 6.2% last week, according to the Mortgage Bankers Association, as the average 30-year fixed rate eased to 7.21% from 7.30%.
Wednesday’s Performance In Major US Indices
| Index | Last | % Change | MTD | YTD |
|---|---|---|---|---|
| S&P 500 | 7,627.65 | +1.42% | +0.63% | +11.43% |
| Dow Jones | 52,353.27 | +0.23% | +1.13% | +8.93% |
| Nasdaq 100 | 28,509.34 | +2.77% | +0.44% | +12.91% |
| Russell 2000 | 2,843.76 | +0.79% | +1.14% | +14.58% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 1.4%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) edged up 0.2%.
- The Invesco QQQ Trust (NASDAQ:QQQ) rallied 2.8%.
- The iShares Russell 2000 ETF (NYSE:IWM) gained 0.8%.
Tech Leads, Health Care Lags
The Technology Select Sector SPDR Fund (NYSE:XLK) led the S&P 500 with a 4.1% gain, as CoreWeave’s results eased fears over who pays for the AI buildout and sent money back into chips, memory and networking hardware.
The Health Care Select Sector SPDR Fund (NYSE:XLV) was the weakest sector, down 0.7%, as investors rotated out of defensive groups and into growth.
Elsewhere, energy and industrials rose 1.3% each and communication services added 0.9%, while consumer staples, real estate, consumer discretionary and utilities slipped.
Power and memory names joined the rally. Fermi Inc. (NASDAQ:FRMI), a data-center power developer, surged 23.05% ahead of its quarterly results, and Bloom Energy Corp. (NYSE:BE) rose 15.53% as AI power suppliers rebounded alongside CoreWeave.
SanDisk Corp. (NASDAQ:SNDK) gained 15.90% as memory stocks rebounded on CoreWeave’s results. In optical networking, Applied Optoelectronics Inc. (NASDAQ:AAOI) climbed 18.04% and Lumentum Holdings Inc. (NASDAQ:LITE) rose 14.45%.
On the Downside
Revolution Medicines Inc. (NASDAQ:RVMD) fell 5.20% for a second straight session, with no company-specific news, as health care lagged. Summit Therapeutics Inc. (NASDAQ:SMMT) dropped 4.94% ahead of an FDA decision on its lung cancer drug ivonescimab expected this week.
KBR Inc. (NYSE:KBR) slid 3.97% after it laid out medium-term targets at its investor day, including organic revenue growth of more than 10% a year through 2029 and an adjusted EBITDA margin above 12%, ahead of a spin-off targeted for Jan. 4, 2027.
Packaged food names lagged in the shift away from defensives. The Campbell’s Co. (NASDAQ:CPB) fell 3.92%, Conagra Brands Inc. (NYSE:CAG) lost 3.65% and General Mills Inc. (NYSE:GIS) declined 2.62%.
Amer Sports Inc. (NYSE:AS) fell 3.85% ahead of its third-quarter results on Nov. 17, alongside a 3.74% drop in Lululemon Athletica Inc. (NASDAQ:LULU).
Wednesday’s Russell 1000 Top Gainers
| Name | % Change |
|---|---|
| CoreWeave Inc. | +25.06% |
| Fermi Inc. | +23.05% |
| Applied Optoelectronics Inc. | +18.04% |
| SanDisk Corp. | +15.90% |
| Bloom Energy Corp. | +15.53% |
Wednesday’s Russell 1000 Top Losers
| Name | % Change |
|---|---|
| Revolution Medicines Inc. | -5.20% |
| Summit Therapeutics Inc. | -4.94% |
| KBR Inc. | -3.97% |
| The Campbell’s Co. | -3.92% |
| Amer Sports Inc. | -3.85% |
What’s Next
Franco-Nevada Corp. (NYSE:FNV) reports after the close, with analysts expecting earnings of $1.74 per share.
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