AJ Tiarsmith
5 min read
Quick Read
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3M jumped 8% after committing to settle PFAS claims, and Amazon rose 7% as AWS revenue grew 39% to $46 billion.
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CoreWeave fell 5% after Texas Democrats won statewide offices on a platform that included pausing new data center approvals.
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Caterpillar fell 4%, extending its one-month slide to 29%, despite holding a record $78 billion backlog built partly on data center turbines and engines.
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Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Microsoft didn’t make the cut. Enter your email to see the names that beat MSFT. The report is free. Enter your email and see if any of your stocks made the cut.
The Dow Jones Industrial Average rose 1,009 points, or 1.9%, at Wednesday’s open, according to ABC News. The move came the morning after midterm results showed Democrats taking control of the U.S. House and Senate. ABC News put the S&P 500 and the NASDAQ Composite each up 1.1%. The rally followed a jittery week. The CBOE Volatility Index, Wall Street’s fear gauge, closed Tuesday at 20.83, up 3.31 points from a week earlier.
Small Caps Kept Pace as the Rally Spread
The gains grew after the opening bell. As of 9:43 AM ET, the SPDR Dow Jones Industrial Average ETF was up 2.41%, which suggests the rally had extended past ABC’s opening figure. At the same time, the iShares Russell 2000 ETF had risen 2.05%. That put it ahead of the SPDR S&P 500 ETF Trust at 1.64% and the Invesco QQQ Trust at 1.47%. The Invesco S&P 500 Equal Weight ETF was up 1.34%. With small caps keeping up with blue chips, the buying went well beyond the mega-caps.
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Cloud Sellers Lead the Dow Higher
3M (NYSE:MMM) led the blue chips, up 7.71% as of 9:51 AM ET. The gain came hours after Bloomberg reported that 3M committed to settle PFAS-related claims. Amazon (NASDAQ:AMZN) was up 7.16% and Microsoft (NASDAQ:MSFT) was up 5.57% at the same time. As of 9:43 AM ET, Apple had gained 5.27% and Home Depot 4.53%.
Last week, Amazon and Microsoft both reported that AI spending is turning into revenue. Amazon Web Services revenue rose 39% to $45.98 billion in the third quarter, and Azure grew 48%. Microsoft management told analysts that “customer demand continues to exceed available supply.”
