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Wall Street gains on tech and SpaceX
Wall Street stocks rose supported by positive developments at SpaceX and Tesla, with SpaceX shares increasing by 7% after the company announced a 161% revenue growth in the third quarter and the formation of committees to discuss the potential merger with Tesla, which saw its stock rise by more than 3%. Additionally, SpaceX's AI business has grown ninefold, boosting optimism about sector growth despite concerns about the sustainability of investments and possible overinvestment. Shares of chip companies like NVIDIA and Advanced Micro Devices increased between 2% and 4%, as investors await earnings reports from major companies such as Meta, IBM, and Netflix— the latter experiencing a decline of over 5% due to revenue forecasts falling short of expectations.
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