Morning Market Moves: Tech Surges, EV Stumbles as Broader Indices Gain
Equities rallied Wednesday as the Dow Jones Industrial Average climbed on political progress toward avoiding a government shutdown. Tech stocks led gains, with Advanced Micro Devices (AMD) advancing after CEO Lisa Su projected explosive growth in AI-related revenue. Nvidia (NVDA) extended its bullish momentum after analysts reaffirmed optimistic coverage.
The EV sector showed divergence as Polestar (PSNY) plunged on widening losses, while traditional automakers benefited from renewed risk appetite. Semiconductor stocks outperformed, with ChipMOS Technologies (IMOS) soaring post-earnings and Plug Power (PLUG) jumping on data center expansion plans.
Retail and consumer names gained traction as On Holding (ONON) beat estimates and raised guidance. The S&P 500's advance came with warnings about stretched valuations compared to historical benchmarks, suggesting selective opportunities may emerge in oversold sectors.
