US stock market today: S&P 500 and Nasdaq race towards record highs as Nvidia leads AI stock comeback, CoreWeave surges 16% – why is Dow Jones missing the rally?

The S&P 500 and Nasdaq climbed on Wednesday as investors returned to AI and semiconductor stocks after two sessions of losses. Nvidia rose nearly 3%, CoreWeave jumped 16.59% after strong earnings and higher guidance, while Broadcom, Intel, Micron and Marvell gained around 6%.

The Dow Jones remained almost flat as technology stocks led the recovery.

Why is the US stock market rising today? S&P 500 and Nasdaq near record highs, Dow Jones lagging

The latest market data show the Nasdaq Composite trading at 25,404.30, up 1.35%, while the S&P 500 stood at 7,590.05, gaining 0.92%. The Dow Jones Industrial Average was at 52,238.82, almost unchanged with a 0.01% gain.


The technology rally followed strong quarterly results from CoreWeave and a recovery in Nvidia shares. Investors are buying semiconductor stocks after their recent sell-off, while fresh demand for AI infrastructure has helped lift technology shares.

The S&P 500 had also moved above 7,600 during the session, bringing it closer to its previous record high.

These are intraday readings, not closing prices.

Nvidia stock rebounds after two sessions of heavy losses

Nvidia shares recovered after losing nearly 10% over the previous two trading sessions. The stock gained around 3% in early trading as investors returned to semiconductor shares.

The recent sell-off followed reports of an Nvidia board investigation into CEO Jensen Huang's relationship with Alice Huang, who has been alleged in media reports to have links to Chinese intelligence.

CoreWeave stock jumps 16.59% after earnings

CoreWeave was among the biggest gainers in Wednesday's trading. Its shares jumped 16.59% to $56.81 in the supplied market snapshot.

The cloud computing company reported better-than-expected third-quarter revenue and raised its 2026 revenue and operating income guidance. It also said it expects to achieve adjusted profitability in the first half of 2028.

Semiconductor stocks rally as investors buy the dip

The recovery extended across major chipmakers. Broadcom, Intel, Micron and Marvell Technology gained around 6% in early trading, while AMD advanced about 3%.

The iShares Semiconductor ETF (SOXX) rose 4%, while the Roundhill Memory ETF (DRAM) gained 7%.

Why is the Dow Jones lagging the Nasdaq?

The Dow Jones remained almost unchanged while the Nasdaq and S&P 500 recorded stronger gains. The difference reflects the concentration of Wednesday's buying in technology and semiconductor stocks.

The Nasdaq has greater exposure to major technology companies, making it more sensitive to movements in AI-related shares. The Dow's smaller gain shows that the recovery has not spread equally across the broader market.

Tuesday's hotter-than-expected October inflation report continues to weigh on market sentiment. Higher consumer prices strengthened expectations that the Federal Reserve could raise interest rates in December.

Bitcoin, gold and oil prices today

Bitcoin traded at $73,551.20, down 0.20%, while Ether gained 0.17% to $2,054.32.

XRP edged up 0.16% to $1.06.

WTI crude traded at $87.43 per barrel, up 1.62%, while Brent crude rose 1.80% to $93.14.

Gold stood at $4,023.70, down 0.16%, while silver gained 2.11% to $52.30.