Nasdaq surges over 350 as CoreWeave earnings lift AI trade: Stock Market Live Updates

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Business News›Markets›US Stocks›Wall St Guide›Anthropic IPO oversubscribed multiple times amid strong investor demand; Nasdaq surges 400 pts: Stock Market Live Updates

Anthropic is gearing up for its IPO, aiming to go public on the Nasdaq

Dow Jones | Nasdaq | Stock Market Live: Wall Street's main indexes trades higher on Wednesday after neocloud firm CoreWeave's strong earnings allowed investors to look past fears of excessive AI spending.

Wall Street trades mixed, with the Dow slipping 61.88 points, or 0.12%, to 52,170.01. The S&P 500 rises 75.95 points, or 1.01%, to 7,596.88, while the Nasdaq Composite gains 389.20 points, or 1.55%, to 25,455.08.

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Anthropic PBC’s initial public offering has drawn multiple times the orders for the shares available, according to people familiar with the matter told Bloomberg News, as demand accelerates for potentially the biggest first-time share sale ever.

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Italian rocket maker Avio posted a 13.3% rise in nine-month adjusted core earnings to €18.6 million ($20.77 million) on Wednesday, aided by progress in its US expansion and the finalizing of private equity Advent's €109.4 million investment. Net revenue rose 16.7% to €409.7 million, driven by increased production for its Vega-C launchers and higher engine deliveries for Ariane 6, the European Space Agency launcher

CoreWeave jumped more than 20% on Wednesday, igniting a rally in battered AI cloud stocks, as its hefty spending yielded strong revenue growth and the company signaled a pullback from the borrowing binge that had set off alarms of an AI bubble.

Gold prices fell on Wednesday, erasing earlier gains as hotter-than-anticipated inflation figures and hawkish comments from policymakers boosted the US dollar and highlighted probabilities of a bigger interest rate hike next month.

Spot gold fell 0.41% to $4,014.26 per ounce by 1447 GMT after climbing to as high as $4,066.77 earlier in the session. US gold futures for December delivery fell 0.2% to $4,021.70 per ounce.

Nvidia shares rebound nearly 3%, climb above $173 Nvidia shares rose 2.73%, or $4.60, to $173.40 in early trading on Wednesday. The stock opened at $172.80 and touched an intraday high of $175.13.

The Dow Jones Industrial Average rose 27.13 points, or 0.05%, to 52,259.02, the S&P 500 gained 73.02 points, or 0.97%, to 7,593.95, while the Nasdaq Composite gained 385.17 points, or 1.54%, to 25,451.05 at the opening bell.

Baird downgraded Nvidia and cut its price target by 60% on Wednesday, citing growing risks from US restrictions on chip sales to China and a potential slowdown in AI spending that could weigh on demand for its prized chips.

The brokerage downgraded the chip giant to "Neutral" from "Buy" and cut its price target to $200 from $500

EasyJet's shareholders on Wednesday approved the budget airline's £5.7 billion takeover by Apollo, clearing a key hurdle for one of the biggest private-equity buyouts of a European carrier.
The vote moves the deal a step closer to removing easyJet from the London stock market after more than 25 years, with the airline targeting completion before the end of the first quarter of next year.

Gold prices climbed on Wednesday, but stayed near the $4,000 level after a sharp selloff in the previous session driven by hot US inflation data and hawkish policymakers' comments that boosted bets on further and larger rate hikes.

Spot gold rose 0.3% to $4,042.71 per ounce by 1243 GMT after dropping around 3% to $4,013.29 on Tuesday. US gold futures for December delivery was up 0.51% at $4,050.70 per ounce.

Federal Reserve Governor Christopher Waller said policymakers should consider raising rates by half a percentage point if October inflation accelerated, warning that a smaller move could damage the central bank’s credibility. Investors are now assessing not only a near-certain December hike but also how much further the Fed may tighten policy.

US consumer prices rose more than expected in October as food and accommodation costs increased, strengthening the case for a Federal Reserve rate hike next month. Markets fully price in an increase, with an 11.5% probability of a half-percentage-point move, according to CME FedWatch.

Nvidia shares jumped 5.2% in premarket trading after losing about $430 billion in market value over two sessions. The sell-off was driven by concerns surrounding CEO Jensen Huang’s relationship with a businesswoman accused in reports of working for Chinese intelligence.

CoreWeave surged more than 13% in premarket trading after the neocloud firm said it expects to become profitable on an adjusted basis in the first half of 2028. The outlook aims to reassure investors that strong demand and customer commitments can support its debt-funded expansion.

US stock futures advanced on Wednesday after CoreWeave’s strong earnings reassured investors about artificial intelligence spending. Nasdaq 100 futures climbed 1.9%, S&P 500 futures gained 0.86% and Dow futures rose 58 points, or 0.11%.