Nasdaq surges on Space X 3rd quarter revenue growth

NEW YORK, New York - SpaceX shares jumped sharply Wednesday, pushing the Nasdaq higher and the broader market in tandem. SpaceX reported an astonishing 161 percent revenue growth in the third quarters while its AI business grew ninefold. "SpaceX suggests there is still a longer runway here, but that fundamental tension or experience of getting overly enthusiastic and overly capitalizing things I don't think has changed," Joe Zidle, Cresset's chief market strategist told CNBC Wednesday. "I think when we get to the end of earnings season, and we look back, SpaceX is not an anomaly; it's not a phenomenon; it's actually something that's going to be, I think, more common to the sector," Zidle said. The Standard and Poor's 500 rose 44.65 points, or 0.58 percent, to close at 7,757.22, trading within a day range of 7,709.34 to 7,770.40 on volume of 2.772B. The index's 52-week range stands at 6,316.91 to 7,844.52. The Dow Jones Industrial Average added 361.22 points, or 0.69 percent, to finish at 52,857.10. The blue-chip index traded between 52,392.28 and 52,860.11 on volume of 344.541M, with a 52-week range of 45,057.28 to 54,744.33. The NASDAQ Composite was the strongest performer of the session, gaining 278.04 points, or 1.05 percent, to close at 26,702.86. The tech-heavy index traded between 26,507.07 and 26,778.90 on volume of 6.064B, within a 52-week range of 20,690.25 to 27,722.75. The session's gains were led by the NASDAQ's more than one percent advance, reflecting continued strength in technology stocks, while the Dow and S&P 500 posted more measured but still solid gains. U.S. Dollar Edges Lower Against Most Major Currencies Wednesday in Subdued Trading The U.S. dollar drifted fractionally lower against all major currencies on Wednesday except the euro, in a session characterized by very minor changes across foreign exchange markets. The euro was essentially flat against the dollar, with EUR-USD at 1.1234, unchanged on the day for a move of 0.03 percent. The dollar slipped 0.03 against the Japanese yen, with USD-JPY at 158.2000, a change of 0.02 percent. Sterling firmed slightly, with GBP-USD at 1.3394, up 0.00 for a gain of 0.10 percent. The Australian dollar rose 0.40 percent against its U.S. counterpart, with AUD-USD at 0.7031. The dollar was modestly weaker against the Canadian dollar, with USD-CAD at 1.4046, a move of 0.10 percent, and edged down 0.02 percent against the Swiss franc, with USD-CHF at 0.8244. Traders described the session as quiet, with currency pairs confined to narrow ranges and no single driver dominating flows. The modest softening in the dollar came despite little in the way of fresh economic data, leaving market participants looking ahead to upcoming releases for direction. Global Markets Mixed Wednesday as Canadian European Indices Rally, Asia Diverges World stock markets closed Wednesday with a predominantly positive tone across Europe, while Asian benchmarks delivered a mixed performance marked by sharp gains in Seoul and Taipei and declines in Hong Kong and Shanghai. Canada Shines The S&P/TSX Composite index rose 217.03 points, or 0.60 percent, to close at 36,324.99. Canada's benchmark traded between 36,138.55 and 36,428.83 on volume of 249.661M, with a 52-week range of 29,530.90 to 37,069.10. Europe Rallies Broadly Germany's DAX P was the standout performer among major European indices, surging 340.62 points, or 1.35 percent, to close at 25,645.04. The CAC 40 in Paris added 83.19 points, or 1.06 percent, to finish at 7,921.68. The EURO STOXX 50 I rose 85.86 points, or 1.40 percent, to 6,207.52, while the Euronext 100 Index gained 21.79 points, or 1.18 percent, to 1,874.61. Belgium's BEL 20 posted a modest advance of 5.14 points, or 0.09 percent, closing at 5,625.57. London Lags Along The FTSE 100 in London edged up 19.88 points to 10,752.88, a gain of 0.19 percent, trading within a range of 10,703.95 to 10,775.94. Asia-Pacific Mixed In Asia, the HANG SENG INDEX in Hong Kong fell 215.87 points, or 0.90 percent, to 23,651.87, after trading between 23,620.10 and 24,139.11. Singapore's STI Index bucked the regional trend, rising 33.97 points, or 0.63 percent, to 5,437.99. In Japan, the Nikkei 225 advanced 545.82 points, or 0.85 percent, to 64,621.24, within a range of 64,558.60 to 65,404.63. Mainland China's SSE Composite Index declined 22.34 points, or 0.60 percent, to 3,713.03 on volume of 3.469B, trading between 3,703.12 and 3,743.08. Australia's S&P/ASX 200 [XJO] added 14.40 points, or 0.16 percent, to 8,831.30, while the ALL ORDINARIES [XAO] gained 12.40 points, or 0.14 percent, to 8,956.60. NeighbouringNew Zealand's S&P/NZX 50 INDEX GROSS rose 129.60 points, or 0.95 percent, to 13,761.29. In India, the S&P BSE SENSEX slipped 143.21 points, or 0.19 percent, to 73,709.69. Indonesia's IDX COMPOSITE climbed 49.47 points, or 0.94 percent, to 5,328.36, and the FTSE Bursa Malaysia KLCI added 2.69 points, or 0.17 percent, to 1,602.27. East Asia: Seoul and Taipei Surge In South Korea, the KOSPI Composite Index posted the session's largest percentage gain, jumping 182.92 points, or 3.29 percent, to 5,735.66. Taiwan's TSEC CAPITALIZATION WEIGHTED ST rose 594.84 points, or 1.28 percent, to 46,887.77. Middle East and Africa In Israel, the TA-125 rose 14.81 points, or 0.36 percent, to 4,106.27. Egypt's EGX 30 Price Return Index gained 765.90 points, or 1.47 percent, to 52,854.90 on turnover of 178.413M, having traded between 52,089.00 and 52,910.40. In Africa, South Africa's Top 40 USD Net TRI Index fell 60.83 points, or 0.90 percent, to 6,672.57. Summary The session reflected a resilient Canadian and European performance led by German equities, contrasted with a softer Chinese and Hong Kong picture and a powerful tech-driven rally in South Korea and Taiwan. (This report incorporates quotes retrieved with the assistance of artificial intelligence). Related stories: Tuesday 20 October 2026 |Dow Jones surges 531 points Tuesday while tech sector slides| Big News Network Monday 19 October 2026 |Nasdaq jumps 1.11 percent while Dow slips 36 points| Big News Network