Stocks rose on Wednesday as investors digested AI chipmaker Nvidia’s (^NVDA) results ahead of a Thanksgiving break on Thursday.
The tech-heavy Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) were up around 0.4%, while the Dow Jones Industrial Average (^DJI) was up around 0.5%, or around 185 points.
Nvidia beat Wall Street expectations in its much-anticipated quarterly results, although the reaction was somewhat muted as the company noted that US restrictions on chip exports to China would weigh on results. The stock was down more than 2% in afternoon trading.
In commodities, oil prices fell more than 4% as the group of oil-producing countries known as OPEC+ postponed a meeting that had been scheduled to discuss production. However, West Texas Intermediate (WTI) crude oil futures eventually recovered, falling around 1% to just under $77 a barrel.
The AI drama continued to grip the market as OpenAI, in a stunning turnaround, said Sam Altman would return as CEO just days after he was ousted. The ChatGPT maker is also bringing in new board members, including former Treasury Secretary Larry Summers, as it tries to quell a staff mutiny.
The decision is seen as a significant victory for major OpenAI backer Microsoft (MSFT), which campaigned to reverse Altman’s dismissal. The tech giant’s shares were up more than 1% following the move.
In individual stocks, Deere (DE) shares fell around 3% after the farm equipment giant issued a downbeat profit forecast. Its warning that high borrowing costs would dampen demand echoed a common theme in retailers’ results.
