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Stocks rose on Wednesday, marked by a rebound in technology names following their selloff in the prior day as the names continue to seesaw in what has been a volatile month for the trade.
The Dow Jones Industrials rumbled higher 362.94 points from Tuesday’s all-time high to 48,290.90.
The S&P 500 settled 7.99 points to 6,838.62
The NASDAQ cratered 151.56 points to 23,316.74.
The Dow’s outperformance was supported by a boost in shares of key financial names, such as Goldman Sachs, JPMorgan and American Express. All three stocks had notched fresh records during the day. Gains in others like UnitedHealth, International Business Machines and Nike propped up the index as well.
Meanwhile, Advanced Micro Devices shares popped more than 7% on the heels of CEO Lisa Su saying Tuesday that the company anticipates the total market for artificial intelligence data center parts and systems will reach $1 trillion by 2030.
Su also said that the company should see its overall revenue growth increase as a result of “insatiable” demand for AI chips.
While AMD was a winner Wednesday, other technology stocks weren’t so lucky. Nvidia had pulled back from its rise earlier in the day, which as spurred by Foxconn – one of its suppliers – reporting a 17% year-over-year increase in earnings.
Both Nvidia and AMD had come under pressure during Tuesday’s session, dropping about 3% and more than 2%, respectively. Those two and others like Oracle swinging lower in the previous session reflect the uneasy sentiment among investors that tech valuations could be stretched after their recent surge.
Prices for the 10-year Treasury gained some on Wednesday, lowering yields to 4.06% from Monday’s 4.09%. Treasury prices and yields move in opposite directions. Bond markets in the U.S. were closed Tuesday for Veteran’s Day.
Oil prices retreated $2.35 to $58.69 U.S. a barrel.
Gold prices popped $89.70 to $4,206 U.S. an ounce.
