U.S. stocks advance as AI shares rebound on SpaceX earnings

U.S. stocks closed higher on Wednesday as AI shares rebounded following SpaceX's quarterly results.

The Dow Jones Industrial Average rose 360.21 points, or 0.69 percent, to 52,856.09. The Standard and Poor's 500 added 44.6 points, or 0.58 percent, to 7,757.17. The Nasdaq Composite Index increased by 278.04 points, or 1.05 percent, to 26,702.86.

Seven of the 11 primary Standard and Poor's 500 sectors ended in the green, with technology and industrials leading the gainers by going up 1.61 percent and 0.91 percent, respectively. Meanwhile, communication services and real estate led the laggards by losing 1.33 percent and 0.79 percent, respectively.

U.S. Treasury yields edged higher as a rebound in oil prices revived inflation concerns. The benchmark 10-year Treasury yield approached 5.15 percent, up about three basis points from Tuesday's close, while the 30-year yield hovered near 5.43 percent. Yields remain near 19-year highs.

Oil prices settled mixed. West Texas Intermediate crude futures dropped about 0.7 percent to 97.15 U.S. dollars a barrel, while Brent crude for December delivery traded flat.

On the corporate front, SpaceX soared nearly 7.8 percent to lead the Nasdaq 100, a day after the company reported its first profitable quarter as a public company. Its third-quarter revenue surged 161 percent, and CEO Elon Musk said the board and Tesla had formed special committees to discuss a possible merger.

Tesla rose about 3.4 percent ahead of its results after the close, while Meta Platforms added less than 0.5 percent and IBM gained almost 4 percent ahead of their own reports. Super Micro Computer surged 9.55 percent after raising its revenue guidance, while United Airlines jumped nearly 4 percent after its quarterly results. Nvidia climbed about 2.5 percent after unveiling new data-center products.

On the downside, American Telephone and Telegraph Company retreated 6.45 percent to pace Standard and Poor's 500 decliners despite beating expectations, as investors were disappointed by its wireless-subscriber numbers, while Netflix fell more than 5.3 percent after its revenue forecast missed estimates. Abbott Laboratories declined 1.89 percent and Philip Morris International pulled back 1.22 percent.

Traders continued to see about an 85-percent chance that the Federal Reserve holds rates steady at its Oct 27-28 meeting, according to CME FedWatch, keeping attention on corporate earnings for direction.

U.S. stocks advance as AI shares rebound on SpaceX earnings

Cuban Foreign Minister Bruno Rodriguez on Wednesday accused the United States of swaying an upcoming UN General Assembly vote on ending the U.S. economic, commercial and financial blockade against Cuba by putting pressure on other countries.

The UN General Assembly will consider and vote on the draft resolution "Necessity of ending the economic, commercial and financial embargo imposed by the United States of America against Cuba" on Oct 27-28, the 34th time it has taken up the issue. For years, the resolution has been supported by the majority of the international community.

At a press conference in the capital Havana on Wednesday, Rodriguez condemned the U.S. government's pressure on other countries in an attempt to influence the General Assembly vote.

"Although some countries have firmly supported this resolution for decades, the United States has asked them to abstain or simply leave the hall and not vote this year. It's absurd," he said.

Rodriguez said the U.S. State Department is pressuring other countries through threats of punitive tariffs, suspension of cooperation projects, visa refusals and sanctions, seeking to change the voting positions of many delegations that support Cuba. He said U.S. Secretary of State Marco Rubio has personally joined the pressure campaign.

Rodriguez said this new and dangerous approach to multilateral diplomacy shows that Washington knows it lacks legitimacy and has no strength left but to resort to power politics.

He also condemned an arrest warrant issued by the U.S. state of Florida for former Cuban President Raul Castro.

"The U.S. side's issuance of an arrest warrant against Cuban Revolution leader, Army General Raul Castro Ruz, is a despicable and futile act with no legal significance and no moral legitimacy. As President Miguel Diaz-Canel said recently, it will have no practical effect," he said.

Cuba slams US for pressing countries to abstain from UNGA vote on lifting blockade