U.S. stocks rebound as CoreWeave reignites AI rally

U.S. stocks rebounded on Wednesday as a strong quarterly report from CoreWeave revived confidence in artificial intelligence (AI) spending.

The Dow Jones Industrial Average rose 254.6 points, or 0.49 percent, to 52,486.49. The S and P 500 gained 98.45 points, or 1.31 percent, to 7,619.38. The Nasdaq Composite Index climbed 400.31 points, or 1.6 percent, to 25,466.19.

Ten of the 11 primary S and P 500 sectors ended higher, with technology leading the gainers by adding 2.71 percent, followed by energy, up 1.83 percent. Consumer discretionary was the only sector to fall, edging down 0.36 percent.

Oil prices rose from two-month lows as doubts grew over a diplomatic settlement with Iran. West Texas Intermediate settled at 86.53 U.S. dollars a barrel, up 0.57 percent, after Tehran said it would not allow enriched nuclear material to leave the country and fresh attacks on tankers near the Strait of Hormuz kept shipping risks in focus.

On the corporate front, "neocloud" company CoreWeave soared 24.71 percent after reporting third-quarter revenue of 3.66 billion dollars, up 168 percent from a year earlier, and raising its full-year revenue forecast to between 13 billion and 13.3 billion dollars.

The shares of both Micron Technology and SanDisk jumped over 11 percent, along with significant gains in shares of Advanced Micro Devices, Intel and Broadcom. Moreover, Nvidia rose 2.87 percent, recovering part of its two-day slide, even after Baird cut its rating on the stock to neutral.

An amended filing from Anthropic, which is preparing to go public, showed AMD and Micron among seven technology companies that agreed to buy a combined 26 billion dollars of its shares.

The U.S. bond market was closed on Wednesday for Veterans Day, so there was no trading in Treasuries a day after the benchmark 10-year yield topped 5 percent on hotter-than-expected inflation data.

Traders still see a December rate hike as near-certain, with the odds of a quarter-point move at about 90 percent, according to CME FedWatch.

Investors next turn to weekly jobless claims and Nebius earnings on Thursday.

U.S. stocks rebound as CoreWeave reignites AI rally

China, Türkiye and Ethiopia on Wednesday jointly launched an initiative to enhance international cooperation on carbon crediting markets at the 31st United Nations Climate Change Conference (COP31) in the Turkish coastal city of Antalya.

Unveiled at the COP31 China Pavilion in a ceremony attended by government officials and representatives of international organizations, including the United Nations and the World Bank, the initiative calls for stronger cooperation to promote the sustainable development of the global carbon credit market and support the global green and low-carbon transition.

With the implementation rules of the market mechanisms under Article 6 of the Paris Agreement gradually taking effect in recent years, international demand for high-quality carbon credits has continued to grow.

The initiative urges governments and relevant intergovernmental institutions to take the lead in improving governance systems for high-quality carbon credits. It calls on carbon credit mechanisms and market participants to strengthen exchanges and collaboration to ensure high-quality supply, all social actors to use carbon credits responsibly to generate effective market demand, and all parties to deepen international exchanges and cooperation, enhance capacity building, and promote carbon credit information sharing and infrastructure connectivity.

"We believe this initiative can make a significant contribution. And all those years of progress and experience and measuring and cooperating and identifying the emission reduction potential, linking it with national policies and overall ambition aims, this is all very relevant experience that China has had and really needs to be shared with others, so that we all can make the same efforts to really build really well functioning climate markets," said James Grabert, head of the Mitigation Division under the United Nations Climate Change Secretariat.

COP31, which opened on Monday and runs through Nov. 20, has brought together representatives from nearly 200 countries and regions around the world.

China, Türkiye, Ethiopia launch carbon crediting initiative at COP31