Tech Rally Sends U.S. Stocks Higher After SpaceX's Big Third-Quarter Gain

SpaceX's 161% revenue jump revived bets that AI spending can lift tech profits as markets brace for the Fed decision.

Overview

SpaceX reported a 161% increase in third-quarter revenue and its shares rose about 7–8% after the company said it and Tesla formed committees to evaluate a possible merger.
U.S. indexes closed higher with technology leading gains and the Philadelphia Semiconductor Index up after SpaceX and other chip-related results boosted investor interest in AI-linked firms.
Netflix posted disappointing results and its shares fell more than 4–5%, which reduced some of the market's upside despite the broader tech-led advance.
European markets finished the day up even as French 10-year OAT yields climbed above 5%, a rise that keeps pressure on government financing costs and regional bond markets.
Investors are positioning ahead of the Federal Reserve decision and looming earnings from Tesla and Meta while UBS strategists warn AI-driven profit expectations could raise market volatility.