U.S. stocks rallied Wednesday afternoon, led by chipmakers and other artificial intelligence shares, a day after a hotter-than-expected inflation report pushed the major indexes lower. As of about 2:10 p.m. Eastern time, the Nasdaq Composite was up about 1.9% at 25,550, the S&P 500 was up about 1.4% at 7,627 and the Dow Jones Industrial Average was up about 0.4% at 52,416.
Semiconductor stocks did most of the lifting. The Philadelphia Semiconductor Index was up about 6.8%. Memory maker Sandisk was up about 16% and Micron Technology about 13%, while optical networking companies Lumentum and Coherent each gained more than 10%. Nvidia rose about 4% to $176.17, recovering part of the ground it lost in the first two sessions of the week.
The move followed CoreWeave’s third-quarter report after the market closed on Tuesday. The AI cloud company said revenue rose 168% to $3.66 billion and raised its full-year revenue outlook to $13.0 billion to $13.3 billion. CoreWeave shares were up about 24% at $60.55, renewing enthusiasm for AI-related stocks.
On Tuesday, the S&P 500 fell 0.38% to 7,520.93 and the Nasdaq Composite fell 0.74% to 25,065.87 after the Labor Department said consumer prices rose 0.4% in October. The U.S. bond market is closed Wednesday for Veterans Day, while stock exchanges are open for regular trading.
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