US Stocks Soar to Record Highs

U.S. stocks rose on Wednesday, with the Dow Jones Index aiming for a new record. Strong earnings reports boosted optimism around artificial intelligence, while hopes grew for an end to the prolonged government shutdown.

The Dow Jones Industrial Average (%DJI) increased by 0.4% after the record close on Tuesday, giving investors hope. At the same time, the S&P 500 (%GSPC) and tech-heavy Nasdaq Composite Index (%IXIC) also showed an increase of about 0.2%. This positive momentum followed the announcement of artificial intelligence-supported sales forecasts from the CEO of Advanced Micro Devices (AMD).

Nvidia (NVDA) refreshed optimism in the artificial intelligence space by raising growth expectations for data centers through its partnership with Foxconn (2317.TW, HNHPF). AMD shares rose by 7% in early trading, while Nvidia responded with an increase of less than 1%.

The positive sentiment is further strengthened by an important House vote scheduled for today. This vote could potentially end the longest government shutdown in U.S. history. The results of the vote could be signed quickly by President Trump.

The reopening of the government would allow the stalled economic data to be released; the employment report for September could be announced next week. Wall Street is eager for a formal economic insight, as it tries to calculate the Federal Reserve's next move regarding interest rates based on recent private data.

On Wednesday, among the Federal Reserve officials, Stephen Miran and potential new presidential candidate Christopher Waller will be present. Investors are watching for hints regarding policy decisions to be made at the Federal Reserve meeting in December.

As the earnings season continues at a slowing pace, reports from most S&P 500 companies have been released. On Wednesday, Cisco Systems (CSCO) is expected to report after the market closes. Additionally, cryptocurrency company Circle (CRCL) exceeded quarterly earnings with stablecoin growth, yet its shares faced a decline.

At the market opening, U.S. stocks rose. The Dow Jones Index (%DJI) is progressing towards a fresh peak with a 0.4% increase after Tuesday's record close. The S&P 500 (%GSPC) and tech-focused Nasdaq Composite Index (%IXIC) also rose by over 0.2%. These widespread gains came after a mixed session for stocks yesterday.

Oil prices dropped on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) did not change its global oil demand forecast for October. The International Energy Agency (IEA) reported that oil and gas demand will not peak until 2030 and will continue to increase until 2050. OPEC predicts an increase of 1.3 million barrels per day by 2025, and 1.38 million barrels per day by 2026.

OPEC+ countries decided to increase output by 137,000 barrels per day in December but signaled that there would be no change in rates in the first quarter. This indicates that the market is cautiously evaluating the excess supply. Alongside economic data and earnings reports, important developments are underway as we approach the upcoming COP30 climate change summit.