US stocks saw a modest increase on Wednesday, ending a fluctuating session on a slightly positive note with investors remaining cautious ahead of the anticipated PCE report on Friday. The Dow Jones Industrial Average rose by 15.64 points (0.04%), while the S&P 500 and Nasdaq experienced minor gains of 0.16% and 0.48%, respectively, maintaining levels near their previous week’s record highs.  

The trading session highlighted the underperformance of the energy and financial sectors, in contrast to consumer discretionary stocks which saw notable advances; Amazon (AMZN.US) and Tesla (TSLA.US) shares climbed by 3.9% and 4.8%, respectively. Apple’s (AAPL.US) stock also enjoyed a boost, increasing by 2.0%. Nvidia (NVDA.US), after overcoming an initial 2.0% loss, ended the day 0.2% higher, reflecting the ongoing debate over the sustainability of AI-driven chip demand. A significant highlight was FedEx (FDX.US), which achieved its largest single-day gain since 1986, jumping 15.53% after reporting strong quarterly earnings. Furthermore, Rivian Automotive’s (RIVN.US) stock surged 23.24% following the news of Volkswagen Group’s potential $5 billion investment in the electric vehicle manufacturer. 

In after-hours trading, Micron Technology (MU.US) dropped 7.98%, erasing some of its 13% gains earlier this month. The computer storage producer beat Q3 revenue estimates, buoyed by strong memory chip demand. However, the Q4 forecast fell short of investor expectations, especially given recent AI-driven optimism. Meanwhile, Levi Strauss (LEVI.US) shares fell sharply, dropping 12%, after the company reported quarterly revenue that missed analyst expectations. 

(S&P 500 Index Monthly Chart) 

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