AI stocks lift Wall Street, ASX set to slip

Wall Street rose Wednesday as AI stocks rebounded, with the S&P 500 up 1.3% and the Nasdaq rallying 1.9%, while the Australian sharemarket is set to fall 0.5% at the open. CoreWeave, an AI cloud company, surged 25% after reporting a smaller-than-expected loss and raising its revenue forecast, easing concerns about the industry's slowdown and borrowing costs. Other AI-related stocks like Micron and Broadcom also gained. The Dow rose modestly, but most S&P 500 stocks fell, pressured by higher oil prices. US bond markets were closed for Veterans Day, and homebuilders declined following inflation data that raised expectations for Federal Reserve rate hikes.