Rebounds for AI stocks help support Wall Street and keep the market mixed
AP News • • business
Key Points:
- The S&P 500 rose 0.5% driven by gains in AI technology stocks, while the Nasdaq composite increased 1.1%, but the Dow Jones Industrial Average fell 0.3%.
- Broadcom and Micron Technology led the AI stock rebound, rising 5.3% and 4.2% respectively, after recent volatility and investor concerns about AI valuations.
- SK Hynix plans a major $28 billion U.S. stock offering on the Nasdaq, testing global investor appetite for AI-related companies amid recent price swings.
- TeraWulf surged 12.5% after announcing a 20-year deal with AI firm Anthropic to use its Kentucky data center, signaling its shift from bitcoin mining to high-performance computing.
- Oil prices remained steady following OPEC+’s announcement of a modest production increase, while Treasury yields slightly declined and U.S. service sector growth met expectations.
