Broadcom and other AI stocks lift Wall Street closer to its record

NEW YORK (AP) — Stocks in the artificial-intelligence industry are leading Wall Street mostly higher on Tuesday, as their yo-yo moves swing back upward.

The S&P 500 rose 0.6% and pulled within 1.3% of its all-time high set earlier this month. The Dow Jones Industrial Average was down 39 points, or 0.1%, as of 12:59 p.m. Eastern time, and the Nasdaq composite was 1.2% higher.

The majority of stocks within the S&P 500 were falling, but the gains for influential AI stocks made up for that. AI stocks are on track for a second winning day after swerving for weeks on worries about whether their boom is under threat because of how expensive it’s become for companies to borrow money to build data centers and buy more AI chips.

Broadcom climbed 4% after announcing a $63 billion financing deal where several Wall Street firms will help Anthropic get access to Broadcom's XPU AI accelerators and networking solutions.

Elsewhere in the industry, Nvidia rose 1% and was the only force stronger than Broadcom pushing the S&P 500 higher. CoreWeave, a company that’s borrowed money to buy AI chips that it rents out to customers over the cloud, jumped 7.3%, though it’s been careening between big gains and losses within each of the past few days.

General Motors climbed 5.5% after saying it’s moving its stock from a listing on the New York Stock Exchange to the Nasdaq. The automaker said the Nasdaq, which is home to several of the world’s biggest technology stocks, is a fit for its tech-driven strategy. The move could also allow GM to join the Nasdaq 100 index, which would force investment funds that mimic the index to buy it.

GM began trading on the NYSE in 1911.

JetBlue Airways flew 18.8% higher even though it reported a larger loss for the summer than analysts expected. CEO Joanna Geraghty said the company expects to return to making sustained operating profits next year and to deliver at least $1 in earnings per share in 2028.

Investors may have been bracing for something worse after the airline’s stock came into the day with a loss of nearly 48% for the year so far.

Another travel company, Royal Caribbean Group, also helped lead the market and rose 8.4%. The cruise operator delivered a stronger profit for the summer than analysts expected, while raising its forecast for profit over the full year.

Companies overall are under pressure to deliver big growth in profits. Expectations are high among financial analysts and investors, and that’s what allowed their stock prices to run to records recently despite high inflation, high interest rates and other concerns weighing on the market.

Boeing fell 9.4% after reporting a larger loss for the latest quarter than analysts expected.

Hilton Worldwide Holdings sank 3.4% after reporting weaker revenue for the summer than analysts expected. It also gave a range as a forecast for profit in the final three months of the year whose midpoint fell below analysts' expectations. The hotel company said it expects to see “increased impact from the Middle East” during the quarter.

Sherwin-Williams fell 2.6% after delivering a weaker profit than analysts expected. High mortgage rates have helped chill the housing industry, which in turn pressures demand for the paints and coatings Sherwin-Williams sells.

“Customer sentiment and the leading indicators we track point to muted demand over the remainder of the year and into 2027,” CEO Heidi Petz said. At the same time, her company is dealing with inflation pushing up its costs for raw materials.

Confidence among U.S. shoppers has tumbled recently as pressure keeps building on them from high inflation. But a report on Tuesday said that U.S. consumer confidence improved in October, when economists expected further weakening.

In the bond market, Treasury yields held relatively steady a day before the Federal Reserve is scheduled to announce its latest decision on interest rates. The Fed last month hiked the fed funds rate for the first time in three years in hopes of slowing inflation, but the widespread expectation on Wall Street is that it will hold rates steady this time.

The yield on the 10-year Treasury remained at 5.00%, where it was late Monday.

Helping to keep yields in check was a drop for oil prices. The price for a barrel of Brent crude fell 1.1% to $109.51.

In stock markets abroad, indexes were mixed across Europe and Asia. Stocks jumped 3.1% in Seoul and fell 1.3% in Shanghai for two of the bigger moves.

AP Writers Elaine Lai and Matt Ott contributed to this report.

FILE - Trader Daniel Kryger works on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew, File)

FILE - Trader Joel Lucchese works on the floor of the New York Stock Exchange, Wednesday, Jan. 7, 2026. (AP Photo/Richard Drew, file)

A dealer walks near a screen showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Oct. 27, 2026. (AP Photo/Lee Jin-man)

A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Oct. 27, 2026. (AP Photo/Lee Jin-man)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Oct. 27, 2026. (AP Photo/Lee Jin-man)

LOS ANGELES (AP) — The man who has helped produce the Super Bowl halftime show is stepping into the spotlight: Jay-Z will headline the show himself.

The NFL, Apple Music and Roc Nation announced Monday night that Jay-Z will be the featured performer for the halftime festivities on Feb. 14 at SoFi Stadium in Inglewood, California.

NFL Commissioner Roger Goodell said he had one request when the league first reached an agreement with Roc Nation: that Jay-Z take the stage himself “whenever the moment felt right to him.”

“From ‘Reasonable Doubt’ to standing on the Super Bowl halftime stage, this has been a journey,” Jay-Z said in a statement. “Thirty years of music, work, and culture on the world’s biggest stage. This run continues to be a dream come true.”

After days of speculation, Jay-Z is set to return to the stadium where he closed his celebration of the 30th anniversary of “Reasonable Doubt,” the mogul's 1996 debut album. The concerts included three sold-out shows at Yankee Stadium and sold-out performances in London and Paris ahead of a stop at SoFi Stadium over the weekend.

Jay-Z’s Roc Nation has partnered with the NFL since 2019 to advise on and help produce the league’s entertainment presentations, including the Super Bowl halftime show. At the time, Jay-Z said he had told Goodell, “If this is about me performing at the Super Bowl, then we can just end this conversation now.”

Seven years later, Jay-Z is ready to perform after all.

Jay-Z, born Shawn Carter, has won 25 Grammy Awards and received 89 nominations, the second-most in history behind his wife, Beyoncé — who has performed at two Super Bowls. His catalog also includes the albums “The Blueprint” and “The Black Album,” and hit songs such as “Hard Knock Life (Ghetto Anthem),” “99 Problems” and “Empire State of Mind,” his collaboration with Alicia Keys.

Last year, “Reasonable Doubt” was inducted into the Grammy Hall of Fame.

His recent concerts brought out a rotating cast of guests. At SoFi Stadium, his daughter Blue Ivy played piano on “The Story of O.J.” and “Dead Presidents,” while Scarface, John Legend and DJ Khaled joined him on opening night. Dr. Dre, Snoop Dogg and Too $hort appeared during Saturday’s finale.

Earlier in the run, Beyoncé, Rihanna, Eminem and Nas were among the guests at Yankee Stadium.

Jay-Z has built a career as an executive and entrepreneur. The Brooklyn rapper co-founded Roc-A-Fella Records and founded Roc Nation in 2008, building it into an entertainment company that works with artists and athletes.

Jay-Z became the first rapper inducted into the Songwriters Hall of Fame in 2017 and joined the Rock & Roll Hall of Fame in 2021. He is also a four-time Emmy winner.

Roc Nation will executive produce the halftime show, with Hamish Hamilton directing.

The halftime show has collected Emmys in recent years. Bad Bunny's performance in February won a record seven, including best variety special (live), while Kendrick Lamar's show last year won for music direction.

See AP’s full NFL coverage here

FILE - Jay-Z gestures from the sidelines prior to the NFL Super Bowl 59 football game, Feb. 9, 2025, in New Orleans. (AP Photo/Frank Franklin II, File)