Stocks moved broadly higher on Wednesday as investors returned to the market after earlier concerns surrounding artificial intelligence eased. Several major stocks across technology, retail and travel recorded notable midday gains and losses, driven by earnings results, corporate guidance and sector specific updates.
Marvell Technology stock rose 7.9% after the company beat third quarter earnings and revenue estimates and projected stronger data center growth. It also announced plans to acquire AI start up Celestial AI in a cash and stock deal valued at 3.25 billion dollars. CrowdStrike stock gained 1.6% after slightly topping analysts’ third quarter forecasts and offering solid guidance, although the stock still trades at 79 times projected free cash flow per share. Microsoft stock slipped 2.5% following a report that it was easing sales quotas for enterprise AI tools like Microsoft 365 Copilot. The company responded that “aggregate sales quotas for AI products have not been lowered.”
Crypto related stocks strengthened as Bitcoin climbed 1.9% to 92839 dollars. Strategy advanced 3.9% after a strong previous session, while Coinbase Global stock rose 5.2% and Robinhood Markets stock gained 6.1%. Retail stocks also saw movement as American Eagle Outfitters surged 15% after delivering record sales and better than expected quarterly earnings supported by a 4% increase in comparable sales driven by recent marketing campaigns. Dollar Tree stock climbed 3.6% after reporting adjusted third quarter earnings of 1.21 dollars per share and raising its full year outlook.
Travel and department store stocks posted mixed action. Delta Air Lines gained 3.6% as the company said demand for the final quarter of the year remains healthy and early 2026 outlook trends are strong, with travel bookings returning to initial expectations after a slowdown caused by the government shutdown. Macy’s stock rose 1.2% after it beat third quarter earnings and delivered its strongest comparable sales growth in 13 quarters, though its fourth quarter forecast fell short of investor expectations.
In the tech segment, stocks moved in different directions. GitLab fell 13% after reporting a third quarter loss despite 25% revenue growth, with analysts noting slower public sector demand tied to the government shutdown. Acadia Healthcare stock dropped 11% following a cut to its full year guidance due to higher litigation costs. Microchip Technology stock jumped 12% after raising its third quarter outlook and citing strong bookings into the March 2026 quarter. Box gained 6.7% as stronger revenue from its AI powered content platform offset earnings miss. Pure Storage stock declined 27% after flat results and rising operating costs, while Okta stock added 5.5% after beating third quarter expectations and lifting its full year forecasts. Additional earnings reports are expected after the close from C3.ai, Salesforce, Snowflake and UiPath.
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