The S&P 500 ended higher on Wednesday, with Morgan Stanley and Bank of America rallying after solid quarterly results, while investors remained focused on the recent increase in China-U.S. trade tensions.

Market Snapshot

The S&P 500 climbed 0.40% to end the session at 6,671.06 points. The Nasdaq gained 0.66% to 22,670.08 points, while the Dow Jones Industrial Average declined 0.04% to 46,253.31 points. Navitas Semiconductor Corp up 21%; NuScale Power up 17%; Bitfarms Ltd. up 10%; Intel up 4%.

Market Movers

ASML, the Dutch semiconductor-equipment maker, reported third-quarter earnings that beat expectations but revenue that missed. Guidance, however, was upbeat. ASML previously had said that tariff uncertainty prevented it from guaranteeing growth in 2026, but on Wednesday the company reiterated its 2025 growth expectations and said it doesn't expect 2026 sales to be below 2025 levels. The company's U.S.-listed shares rose 2.7%.

Nvidia traded flat after the leading maker of artificial-intelligence chips was upgraded to Buy from Hold at HSBC. The stock tumbled 4.4% on Tuesday after Oracle and Advanced Micro Devices announced they would be partnering to launch an AI "supercluster."

Separately, HSBC boosted its price target on AMD to $310 from $185. Shares of the chip maker jumped 9.4% to $238.60 on Wednesday.

Bank of America climbed 4.4% as third-quarter earnings topped Wall Street expectations. Bank of America's third-quarter profit rose 23% from a year earlier to $8.5 billion. Earnings came in at $1.06 a share, surpassing the 95 cents expected by analysts. Revenue rose 11% to $28.1 billion. The bank also raised its fourth-quarter outlook for net interest income.

Morgan Stanley rose 4.7%. Third-quarter earnings of $2.80 a share topped Wall Street expectations of $2.10. A buoyant stock market and a surge in dealmaking lifted revenue at Morgan Stanley's investment bank and wealth management units.

PNC Financial Services Group Inc fell 3.9% even as third-quarter earnings and revenue rose from a year earlier and beat analysts' estimates. The company set aside more money within its retail banking unit in case customers fall behind on loan payments, while decreasing its provision for credit losses within its corporate and institutional banking unit.

Abbott Laboratories declined 2.4%. The maker of medical devices and nutrition products reported third-quarter earnings that were in line with analysts' estimates and narrowed its fiscal year adjusted earnings outlook to $5.12 to $5.18 a share from $5.10 to $5.20.

Progressive fell 5.8%. The insurance giant posted third-quarter earnings of $4.45 a share, which missed analysts' estimates of $5.05. Net premiums written totaled $21.38 billion, up 10% from the prior year but below the $21.73 billion forecast by Wall Street. Net premiums earned also came in below expectations.

Sunrun rose 3% to $21.29. Analysts at BMO Capital upgraded the stock to Market Perform from Underperform and hiked their price target to $19 from $10. The analysts see the solar company now in a better cash position to be able to boost shareholder returns via share buybacks or dividends in 2026.

Market News

Apple's First Moving Product Could Take the Spotlight off Tesla's Robot Dreams

Apple's plans to expand its manufacturing operations in Vietnam to build the next generation of smart home devices, including a tabletop robot. The buzz is that a tabletop robot product for consumers could launch around 2027. Reports indicate the device will feature a 9-inch display mounted on a motorized arm capable of moving and rotating autonomously.

The device is designed to follow users or adjust angles during interaction, with the expectation that it will be ideal for use on a desk or kitchen counter to help with household or work tasks. The tabletop robot will use motors, sensors, an upgraded Siri AI, and the iPad-like screen to enhance interactivity.

Hims & Hers Offers Menopause, Perimenopause Treatments

Hims & Hers Health Inc. said that it has introduced affordable treatment options for those going through perimenopause and menopause.

The menopause care expands on its services into hormone-replacement therapies.

The stock of the company is up 16%.

Hims & Hers added that they anticipate this new specialty will help their Hers division exceed $1B in annual revenue next year.

HPE Forecasts Fiscal 2026 Results Below Estimates, Shares Fall

Hewlett Packard Enterprise forecast annual profit and revenue below Wall Street expectations on Wednesday, as it shifts its server business toward artificial intelligence and networking following its Juniper Networks acquisition.

Shares of the company were down about 8.5% in after-hours trading.