The Dow Jones Industrial Average rose 0.91% to 52,437 as of 11:36 AM ET, outpacing the S&P 500 and Nasdaq Composite in a midday session where blue-chip stocks led the advance. The S&P 500 climbed 0.31% to 7,715, while the Nasdaq Composite edged up 0.08% to 26,460. This performance followed a drop in oil prices amid reports of diplomatic progress in the Middle East.
Sector performance was mixed, with utilities and healthcare leading the gainers while communication stocks declined. Eli Lilly shares climbed 5% following advancements in its metabolic drug pipeline. In a separate move, 3M surged after beating earnings expectations and announcing a data-center deal with Amazon.com. Conversely, General Motors tumbled over 6% as rising cost pressures outweighed strong truck sales, and Steel Dynamics traded lower after missing earnings estimates.
Macro indicators showed varied trends, with gold trading down 0.20% to $4,131.70. The 10-Year Treasury yield fell 3 basis points to 5.11%. Data indicating a plunge in pending home sales for September added pressure on homebuilder and real estate stocks.
Technology stocks remained volatile, though chipmakers edged higher, potentially due to dip buying. Caution persisted in the artificial intelligence trade, highlighted by the stock of South Korean data center provider Elice Inc., which plummeted more than 30% on its first day of trading on the Kosdaq. Investors will look to upcoming earnings reports for further insight into the sustainability of heavy AI spending, with SpaceX results due after the bell today and Meta Platforms reporting tomorrow.