A strong profit report from SpaceX helps lift tech stocks and Wall Street

NEW YORK (AP) — The U.S. stock market rose Wednesday following strong profit reports from SpaceX, Capital One Financial and other big companies.

The S&P 500 added 0.6% and pulled within 0.8% of its all-time high set earlier this month. The Dow Jones Industrial Average gained 360 points, or 0.7%, and the Nasdaq composite climbed 1.1%.

SpaceX helped lead the market and climbed 7.8% after reporting a stronger profit for the summer than analysts expected. Elon Musk, who runs the company that makes money from artificial-intelligence technology, rockets and other businesses, also said that SpaceX took a step to consider a possible merger with Tesla, his electric-vehicle company.

Tesla rose 3.4% and was one of the strongest forces lifting the S&P 500.

Other stocks rallying on profit reports that topped analysts’ expectations included Capital One Financial, which rose 2.5%, and Winnebago Industries, which climbed 10.7%.

Expectations are high for profit growth for all kinds of companies during the summer, and they need to meet them to justify the big runs their stock prices have made despite worries about high inflation, higher interest rates and other challenges weighing on Wall Street.

Winnebago was able to report a more resilient profit than expected even as high fuel prices and frustration among U.S. shoppers restrain interest in recreational vehicles, for example. CEO Michael Happe said its more expensive towable RVs are a tougher sell, but customers are interested in its “more accessible” offerings.

On the losing side of Wall Street was Netflix, which fell 5.3% even though the streaming service reported a stronger profit than analysts expected. Investors focused instead on worries that Netflix’s momentum may be slowing. The company’s forecast for revenue growth in the final three months of the year fell short of analysts’ expectations.

AT&T fell 6.4% even though it likewise delivered a stronger profit for the latest quarter than analysts expected. It gave a forecast for growth this year in an underlying measure of earnings before income taxes and some other things that fell short of some analysts’ expectations.

Among AI stocks, which have been at the center of the market’s action in recent weeks, the movements remained unsettled.

After leading the rest of the market for years because of the frenzy around AI, stocks in the industry have become shaky on worries that the build out of data centers may slow because of how much more expensive it’s become to borrow money.

CoreWeave, which has borrowed money to buy AI chips that it rents out to customers over the cloud, has been particularly volatile. Its stock bounced between an early gain of nearly 4% and a drop of 4.5% Wednesday morning before finishing with a dip of 0.5%. A day earlier, it careened between a gain of 5% and a drop of more than 6%.

Other AI-linked stocks were more resilient, and Nvidia’s rise of 2.5% was the strongest force lifting the S&P 500.

Besides SpaceX’s profit report showing strength for AI spending, another encouraging signal for the industry came from Super Micro Computer, which sells AI servers and services. It said it expects to report stronger revenue for the summer than it had earlier forecast because of “increased demand for AI platforms,” and its stock rallied 9.5%.

All told, the S&P 500 rose 44.60 points to 7,757.17. The Dow Jones Industrial Average added 360.21 to 52,856.09, and the Nasdaq composite climbed 278.04 to 26,702.86.

In the bond market, the yield on the 10-year Treasury erased an early dip and climbed back to 5.12%, where it was late Tuesday.

It swung with oil prices, which remained unsteady. The price for a barrel of Brent crude drifted between $108 and $111 before settling at $108.82.

It’s been yo-yoing between $97 and $112 through October on uncertainty about when the war with Iran will allow the global energy industry to return to normal.

In stock markets abroad, indexes rose in Europe following a mixed finish in Asia. South Korea’s Kospi jumped 3.3% for one of the world’s biggest moves as AI stocks regained strength.

AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.

A general view shows the floor of the New York Stock Exchange, Friday, Oct. 16, 2026, in New York. (AP Photo/Yuki Iwamura)

FILE - Signs at the intersection of Broad and Wall Streets stand near flags flying from the New York Stock Exchange on Sept. 4, 2024, in New York. (AP Photo/Peter Morgan, File)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. Dollar and South Korean Won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 21, 2026. (AP Photo/Ahn Young-joon)

A currency trader talks with her colleague near a screen showing the Korea Composite Stock Price Index (KOSPI), and the foreign exchange rate between U.S. Dollar and South Korean Won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 21, 2026. (AP Photo/Ahn Young-joon)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, Oct. 20, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A screen shows the Korea Composite Stock Price Index (KOSPI), the foreign exchange rate between U.S. Dollar and South Korean Won, SK Hynix and Samsung Electronics Co. stock price at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 21, 2026. (AP Photo/Ahn Young-joon)

LEWISTON, Maine (AP) — Maine Republican Susan Collins has promoted her reputation as one of the most independent U.S. senators and she is using the waning days of the election season to sell that message to voters by campaigning with a former Democratic colleague who has endorsed her.

Collins is trying to fend off a challenge from Democrat Troy Jackson, a onetime state Senate president, and on Wednesday she made appearances with Joe Manchin, a West Virginian who became an independent late in his career before retiring.

After stopping for breakfast at Simones' Hot Dog Stand in Lewiston, Collins spoke of how she and Manchin were “part of every piece of bipartisan legislation that passed and became law” during their time together in office.

Manchin said to lose Collins would be “to lose the soul of the Senate.” He praised her independent streak, her willingness to buck Republican President Donald Trump and her record of fighting for Maine's interests.

“This is a true blue-blooded Maine person who knows exactly where she came from,” Manchin said.

They stopped later a New Balance shoe facility in Norway. Jackson, 58, is scheduled to campaign Thursday in Portland with Alexandria Ocasio-Cortez, the progressive congresswoman from New York.

Collins, 73, is in what may be her toughest reelection fight as she seeks her sixth term.

It's only the second time that she's sought reelection in a midterm with a sitting Republican president, and the national trends are much less favorable to the GOP than they were the last time she did so, in 2002. Trump's approval has fallen well below where it was when he took office last year, and a recent poll from The Associated Press-NORC Center for Public Affairs Research found that a strong majority of voters want change in Washington.

Collins has been working to persuade voters that she is independent of Trump and willing to break with him. In Manchin, she enlisted a politician who was one of the most moderate voices in the Senate. Manchin said in 2023 that Trump would “ destroy democracy in America” if he was elected to a second term.

Among the few dozen Collins supporters at the Lewiston event was Mike Marcotte.

“I may not have always been a fan of her complete package of votes, but when I look at the vitriol that's in the U.S. Senate right now, we need more people like Susan Collins,” he said.

Jackson got a late start on campaigning after the party's initial nominee existed the race, but trails Collins in the money race by less than $3 million after an aggressive quarter in which he raised more than $20 million. Jackson has campaigned relentlessly and his events have drawn hundreds. Collins has largely stuck to smaller appearances.

Some of Jackson's backers demonstrated across the street from the hot dog stand. A few held signs bearing the face of Brett Kavanaugh, the U.S. Supreme Court justice whom Collins voted to confirm and whose vote eventually helped overturn the constitutional right to abortion.

“Someone needs to stand up and be a check on Donald Trump and his harmful policies,” said David Sysko.

Collins has broken with Trump and Republicans over the years. She voted to convict him at his impeachment trial in 2021. Increasingly during the campaign, she has worked to distance herself from the president as Democrats argue that she is too close to him.

Collins said in early October that she is “not exactly his favorite senator,” and that she did not expect Trump to campaign in Maine. He has steered clear of the state with the Nov. 3 election nearing.

Pinning Collins to Trump is central to the Democrats’ strategy. In one ad, a nurse says the state is in a healthcare crisis “because of Susan Collins and Donald Trump,” citing Collins’ vote for Trump’s push for Medicaid cuts. Collins did vote to advance the bill, but ultimately voted against it.

Trump also was a major focus of four contentious debates between the candidates this month, where Collins sought to distance herself from the president and Jackson repeatedly accused her of doing Trump's bidding.

Asked at the final debate to name a time in which she bucked her own party and succeeded, Collins gave the example of rallying support against Trump's nomination of Pete Hegseth, who was confirmed as defense secretary.

Democrats seized on the moment and released a statement that said the exchange “underscores a central question in the Maine Senate race: Does Collins, a Republican in a state that disapproves of President Donald Trump and has grown bluer in recent years, stand up to her party enough to earn the independent streak she has staked her career on?”

Jackson has characterized Collins as out of touch with the struggles of working-class people in Maine. He has described Collins as a “rubber stamp” for the president and criticized her votes on Kavanaugh and Robert F. Kennedy Jr., Trump's second-term health secretary. Collins has said she does not regret either vote.

Republican ads against Jackson, a logger from northern Maine, have focused more on accusations of his having a volatile personality and behaving like a bully with female colleagues. Jackson has denied those accusations.

Collins distanced herself on Wednesday from a Republican super PAC attack ad that she said “should be taken down.”

The senator was a top target of Democrats in 2020 when she defeated challenger Sara Gideon by nearly 9 percentage points. Collins is the only Republican senator from New England, a distinction she has had since January 2013.

In this photo taken with a smartphone, Sen. Susan Collins, R-Maine, and former Sen. Joe Manchin, D-W.Va., tour a New Balance shoe factory in Norway, Maine, on Wednesday, Oct. 21, 2026. (AP Photo/Patrick Whittle)

Sen. Susan Collins speaks to diners at a campaign stop Wednesday, Oct. 21, 2026, in Lewiston, Maine. (AP Photo/Robert F. Bukaty)

Sen. Susan Collins (R) looks to Troy Jackson (D) as he answers a question during the final Maine U.S. Senate debate in Bangor, Maine, Thursday, Oct. 15, 2026. (Gregory A. Rec/Portland Press Herald via AP, Pool)

Protesters hold photos of U.S. Supreme Court Justice Brett Kavanaugh near a campaign stop by Sen. Susan Collins Wednesday, Oct. 21, 2026, in Lewiston, Maine. (AP Photo/Robert F. Bukaty)

Sen. Susan Collins, with former West Virginia Sen. Joe Manchin, left, talk with Jimmy Simones at his restaurant Wednesday, Oct. 21, 2026, in Lewiston, Maine. (AP Photo/Robert F. Bukaty)

Sen. Susan Collins, with former West Virginia Sen. Joe Manchin, speaks to reporters following a campaign stop Wednesday, Oct. 21, 2026, in Lewiston, Maine. (AP Photo/Robert F. Bukaty)

Sen. Susan Collins listens as former West Virginia Sen. Joe Manchin speaks to reporters following a campaign stop Wednesday, Oct. 21, 2026, in Lewiston, Maine. (AP Photo/Robert F. Bukaty)