Wall Street Drifts as AI Stocks Rise   10/27 09:43

   Wall Street is holding relatively steady Tuesday as stocks in the 
artificial-intelligence industry help support the market, at least for now.

   NEW YORK (AP) -- Wall Street is holding relatively steady Tuesday as stocks 
in the artificial-intelligence industry help support the market, at least for 
now.

   The S&P 500 rose 0.3% and pulled within 1.5% of its all-time high set 
earlier this month. The Dow Jones Industrial Average was down 9 points, or less 
than 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.5% 
higher.

   The majority of stocks within the S&P 500 were falling, but gains for 
influential AI-related stocks made up for that. It's a calm moment for such 
stocks following weeks of swerving on worries about whether their boom is under 
threat because of how expensive it's become for companies to borrow money to 
build data centers and buy more AI chips.

   Broadcom climbed 3.3% after announcing a $63 billion financing deal where 
several Wall Street firms will help Anthropic get access to its XPU AI 
accelerators and networking solutions.

   Elsewhere in the industry, Nvidia rose 0.8% and was the second-strongest 
force lifting the S&P 500 behind Broadcom. CoreWeave, a company that's borrowed 
money to buy AI chips that it rents out to customers over the cloud, rose 3.3%, 
though it's been careening between big gains and losses almost minute by minute 
in recent days.

   General Motors climbed 4% after saying it's moving its stock from a listing 
on the New York Stock Exchange to the Nasdaq. The automaker said the Nasdaq, 
which is home to several of the world's biggest technology stocks, is a fit for 
its tech-driven strategy. The move could also allow GM to join the Nasdaq 100 
index, which would force investment funds that mimic the index to buy it.

   GM began trading on the NYSE in 1911.

   JetBlue Airways flew 11.5% higher even though it reported a larger loss for 
the summer than analysts expected. CEO Joanna Geraghty said it expects to make 
more in operating profit off each $1 in revenue during the final three months 
of the year, even though fuel prices remain high.

   Investors may have been bracing for something worse after the airline's 
stock came into the day with a loss of nearly 48% for the year so far.

   Another travel company, Royal Caribbean, also helped lead the market and 
rose 7.5%. The cruise operator delivered a stronger profit for the summer than 
analysts expected, while raising its profit forecast for the full year.

   They helped offset a drop of 1.6% for Boeing, which reported a larger loss 
for the latest quarter than analysts expected.

   Coca-Cola slipped 0.4% even though its profit and revenue for the third 
quarter topped analysts' expectations.

   Sherwin-Williams fell 2.8% after delivering a weaker profit than analysts 
expected. High mortgage rates have helped chill the housing industry, which in 
turn pressures demand for the paints and coatings the company sells.

   "Customer sentiment and the leading indicators we track point to muted 
demand over the remainder of the year and into 2027," CEO Heidi Petz said. At 
the same time, her company is dealing with inflation pushing up costs for raw 
materials.

   Companies overall are under pressure to deliver big growth in profits. 
Expectations are high among financial analysts and investors, and that's what 
allowed their stock prices to run to records recently despite high inflation, 
high interest rates and other concerns weighing on the market.

   In the bond market, Treasury yields held relatively steady a day before the 
Federal Reserve is set to announce its latest decision on interest rates. The 
Fed last month hiked the fed funds rate for the first time in three years in 
hopes of slowing inflation, but the widespread expectation on Wall Street is 
that it will hold rates steady this time.

   The yield on the 10-year Treasury edged down to 4.99% from 5.00% late Monday.

   Helping to keep yields in check was a dip for oil prices. The price for a 
barrel of Brent crude slipped 0.4% to $110.24.

   In stock markets abroad, indexes were mixed across Europe and Asia. Stocks 
jumped 3.1% in Seoul and fell 1.3% in Shanghai for two of the bigger moves.