FX.co ★ US Stocks Advance on Wednesday

US equities closed broadly higher on Wednesday, buoyed by strong earnings from AI-related companies and a benign CPI report. The S&P 500 gained 0.3%, approaching its record high, while the Nasdaq 100 advanced nearly 1% and the Dow also edged higher. CoreWeave jumped 20% after reporting stronger-than-expected sales, and SMCI rallied almost 15% following a revenue forecast that exceeded analysts’ expectations. Hyperscalers and semiconductor producers were also supported by robust results from Tencent, and by news that Temasek had initiated new positions in SK Hynix and Samsung. These developments helped restore confidence in AI infrastructure names after a volatile start to the third quarter, with Nvidia, Oracle, and Amazon all trading higher. On the macro front, the latest inflation data showed core price pressures remained relatively contained, reducing the immediate impetus for the FOMC to tighten policy further. However, ongoing uncertainty around energy supply from the Middle East continued to cloud the inflation outlook.