The NASDAQ Composite rose on Wednesday as the latest developments surrounding SpaceX and Tesla led investors to move back into technology.
The Dow Jones Industrials backed off, however, 63.13 points to begin the mid-week session at 52,432.75.
The S&P 500 index eked up 2.75 points to 7,715.32.
The tech-heavy NASDAQ sprang up 105.41 points to 26,530.23.
Shares of Elon Musk’s SpaceX surged 11% after the company said its revenue grew 161% in the third quarter. Musk also said that SpaceX and Tesla, his auto manufacturer, have formed special committees to discuss a merger. Tesla, which is due to report earnings later, was up more than 2%.
SpaceX’s artificial intelligence business grew ninefold, reigniting enthusiasm for stocks related to the trade. Key chipmakers such as Advanced Micro Devices and Nvidia each rose nearly 2%, while Broadcom gained around 1%.
Investors are seeking more insights into the AI trade on Wednesday, with Meta Platforms also set to report after the bell. Earlier this month, the company rolled out its latest AI model, Muse Wonder, which is only available to paying users.
Traders are also watching for results from IBM and Southwest Airlines, both of which are due Wednesday as well.
Prices for the 10-year Treasury gained ground, lowering yields to 5.11% from Tuesday’s 5.12%. Treasury prices and yields move in opposite directions.
Oil prices eased off nine cents to $97.73 U.S. a barrel.
Gold prices dulled 20 cents to $4,142.40 U.S. an ounce.
