01 Stock Market
Wall Street's main indexes closed more than 1% higher on Wednesday, bouncing back from a three-day selloff with a boost in sentiment from technology and chip stocks.
The U.S. major indexes closed as follows: Dow Jones up 1.31% at 50,009.35; S&P 500 up 1.08% at 7,432.97; NASDAQ up 1.54% at 26,270.36. A late-session surge in heavyweight technology names helped all three benchmarks notch solid advances, with dip-buyers shrugging off pockets of profit-taking from earlier in the week.
Semiconductor and AI-linked names dominated the list of unusual movers. Micron Technology (MU) up 4.76% at $731.99 after fresh memory-pricing optimism, while Intel (INTC) up 7.36% at $118.96 and Advanced Micro Devices (AMD) up 8.10% at $447.58 extended the chip rebound. Design-licensing firm Arm Holdings (ARM) jumped 15.05% at $256.73, and leveraged fund Direxion Daily Semiconductors Bull 3x (SOXL) surged 14.03% at $173.20. Megacap leaders also contributed: Tesla (TSLA) up 3.25% at $417.26, Nvidia (NVDA) up 1.30% at $223.47, Apple (AAPL) up 1.10% at $302.25, and Marvell Technology (MRVL) up 5.97% at $186.80.
Inverse bets on chips suffered as momentum accelerated. The bearish Direxion Daily Semiconductors Bear 3x (SOXS) fell 14.00% at $8.54, underscoring the broad risk-on tone across tech. Elsewhere, high-beta ETF ProShares UltraPro QQQ (TQQQ) climbed 4.91% at $76.51 alongside the NASDAQ’s advance, while specialty funds including Direxion Daily TSLA Bull 2x (TSLL) gained 6.38% at $14.67 as traders added leverage to favored themes.
02 Other Markets
U.S. 10-year Treasury yield rose 0.47%, latest at 4.59%.
USD/CNH fell 0.01%, at 6.84; USD/HKD fell 0.01%, at 7.83.
U.S. Dollar Index rose 0.02%, at 99.14.
WTI crude futures rose 0.85%, at 99.10 USD/bbl; COMEX gold futures rose 0.13%, at 4,541.30 USD/oz.
03 Top News
Nvidia Slips as Q1 Results, Guidance Top Estimates; Adds $80B Share Buyback
Nvidia (NVDA) shares fell fractionally in extended trading on Wednesday after the semiconductor giant posted fiscal first-quarter results and guidance that topped Wall Street's estimates.
For the period ending April 26, the Jensen Huang-led company earned an adjusted $1.87 per share as revenue soared 85% year-over-year to come in at $81.61B.
The company changed its reporting segments, Data Center and Edge Computing, which “better reflects its current and future growth drivers.”
Bound for Mars, Elon Musk's SpaceX Unveils Filing for Blockbuster IPO
SpaceX took the wraps off its IPO filing on Wednesday, opening the books of the company that has already revolutionized rocket technology, with even larger ambitions to colonize Mars and build AI data centers in space.
The listing is poised to become the first trillion-dollar U.S. market debut and could set the stage for a number of monumental IPOs in coming months, among them potentially technology giants OpenAI and Anthropic.
OpenAI Aiming for Speedy IPO, Source Says
OpenAI is preparing to confidentially file for a U.S. initial public offering in the coming weeks, a source familiar with the matter said on Wednesday, adding to a wave of blockbuster listings anticipated in the year ahead.
The plan by the ChatGPT maker, which was last valued at $852 billion, comes two days after it fended off an existential court challenge from Elon Musk and threatens to upstage SpaceX's IPO filing, expected later in the day.
Sources: Reuters, Dow Jones, Tiger Newspress, Benzinga, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
