TLDR
- SpaceX shares rose 8% after the company said its third-quarter revenue grew 161%.
- Elon Musk said SpaceX and Tesla have formed special committees to discuss a merger.
- The Dow gained 529.90 points, or 1%, on Tuesday, led by a 5% jump in 3M.
- Stock futures rose early Wednesday, with Nasdaq-100 futures up 0.7%.
- Meta, Tesla, IBM and Southwest Airlines are due to report earnings on Wednesday.
Wall Street ended mixed on Tuesday as oil prices cooled and investors turned to a packed week of earnings. The Dow Jones Industrial Average gained 1%, while the Nasdaq Composite slipped slightly.
The Dow rose 529.90 points to finish at 52,495.90. The S&P 500 added 0.3%.
3M helped lead the move. Its shares climbed more than 5% after the company raised its full-year profit guidance.
General Motors tightened its profit outlook on Tuesday. The automaker also announced a $20 billion share buyback program.
SpaceX Posts Big Revenue Jump
SpaceX said its third-quarter revenue grew 161%. The company shared the results after the market closed on Tuesday.
Its shares rose 8% on Wednesday following the report. Netflix was also scheduled to report after the close.
Elon Musk said SpaceX and Tesla have formed special committees to discuss a merger. Tesla shares were up 1%.
Futures, Oil and the AI Trade
US stock futures rose early Wednesday. S&P 500 futures gained 0.29%, and Nasdaq-100 futures added 0.7%. Dow futures were flat.
Asian markets were mixed. South Koreaās Kospi rose 2.7% after losses on Tuesday, and Japanās Nikkei 225 gained 0.8%. Hong Kongās Hang Seng slipped 0.35%.
Oil prices fell on Tuesday. Brent crude dropped to $108 a barrel, and West Texas Intermediate traded near $98.
Worries about the AI trade stayed in focus. Elice, a South Korean data center company, fell 32% in its Seoul debut.
Investors have been watching debt-backed AI spending and whether demand for infrastructure supports it. Seagate Technology rose 2% on Tuesday, and CoreWeave gained more than 1%.
Christian Mueller-Glissmann of Goldman Sachs Research said AI concerns, Middle East tensions and midterm elections could add volatility. He said earnings, lighter positioning and lower valuations should support stocks into year-end.
Housing starts fell to a four-month low as demand stayed soft and mortgage rates stayed high. A US official said President Trump has no plans to attack Iran before the midterm elections.
Meta released its latest AI model, Muse Wonder, earlier this month. It is only available to paying users.
Meta is due to report earnings after the bell on Wednesday. Tesla, IBM and Southwest Airlines also report that day.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
