Stocks rise on tech gains; Nvidia falls after hours

Strategists said investors were still digesting ​the implications of the midterm elections, which resulted in Democrats taking control of Congress, but also news surrounding Nvidia. (Reuters)

Major stock indexes rose on Wednesday, led by gains in technology shares after an ​upbeat report from CoreWeave lifted optimism about the AI trade, and the dollar strengthened.

Shares of Nvidia (NVDA.O), opens new tab gained ‌2.9%, recovering some of their recent sharp losses, but the stock fell 8% after the bell after the Wall Street Journal, citing people familiar with the matter, reported Nvidia’s board was preparing to oust CEO Jensen Huang after he had two extramarital affairs, including one with a suspected Chinese spy.

The Nasdaq and S&P ​500 each ended the regular session more than 1% higher, and the S&P 500 technology sector (.SPLRCT), opens new tab was up 2.7%. Tech ​shares had been sold off in the wake of the US midterm elections last week amid worries about ⁠increased AI regulation and the sustainability of the AI rally.

CoreWeave (CRWV.O), opens new tab shares finished up 24.7% on Wednesday. The company said it expected ​to become profitable, opens new tab in 2028, easing concerns that demand may not be strong enough to support its debt-fueled expansion.

Strategists said investors were still digesting ​the implications of the midterm elections, which resulted in Democrats taking control of Congress, but also news surrounding Nvidia.

Huang “was the one who led the marvelous rise of Nvidia,” said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. “I guess the question would be, can someone step up if Jensen ​has to resign or is forced out?”

The Dow Jones Industrial Average (.DJI), opens new tab rose 254.60 points, or 0.49%, to 52,486.49, the S&P 500 (.SPX), opens new tab rose ​98.45 points, or 1.31%, to 7,619.38 and the Nasdaq Composite (.IXIC), opens new tab rose 400.31 points, or 1.60%, to 25,466.19.

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MSCI’s gauge of stocks across the globe (.MIWD00000PUS), opens new tab rose 12.41 ‌points, or ⁠1.12%, to 1,121.15.

The pan-European STOXX 600 (.STOXX), opens new tab index gained 0.7%, with investors piling back into AI-linked stocks, echoing a technology-driven rally in Asia after last week’s sector rout.

The US Treasury market was closed on Wednesday for the Veterans Day holiday, a day after 2-year yields had their biggest one-day jump since April 2025. Euro zone yields steadied on Wednesday.