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US stocks closed higher, with AI shares stabilizing, after US September wholesale inflation surged 6.3% year-on-year, the largest increase since 2022.
Wall Street stocks rebounded on Thursday from a weak open after disappointing inflation data, with AI stocks easing pressure following a rout in Asian tech shares. Earlier data showed U.S. wholesale inflation surged 6.3% year-over-year in September, the largest annual increase since 2022, driven by soaring gasoline prices due to the war with Iran. The Dow Jones Industrial Average closed up 1.1%, the Nasdaq Composite edged up 0.1%, and the S&P 500 rose 0.3%. Analysts noted that despite the hot inflation data, falling U.S. Treasury yields provided some support for equities. Additionally, NVIDIA CEO Jensen Huang expressed optimism about CoreWeave's prospects, boosting tech investor confidence, and CoreWeave shares rose 6% on Thursday after falling over 15% on Wednesday.
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