Stock Market Midday, Oct. 21: Tech Gains Lift Nasdaq as SpaceX Soars
On Oct. 21, 2026, strong demand for AI hardware powered a broad rally across cloud infrastructure and semiconductor stocks this morning.
At 11:41 AM ET, the Nasdaq Composite (^IXIC +1.23%) climbed 1.09% to 26,717, buoyed by renewed optimism for the AI sector. The S&P 500 (^GSPC +0.63%) rose 0.52% to 7,752, while the Dow Jones Industrial Average (^DJI +0.42%) gained 0.29% to 52,647. Gold increased 0.18% to $4,132.42, and the 10-Year Treasury yield decreased slightly to 5.11%.
Industrials and energy stocks drove the sector gains, whereas communication and real estate companies declined. Space Exploration Technologies (SpaceX) surged more than 10%, with its quarterly results sparking excitement around artificial intelligence (AI). This positive momentum supported Dell Technologies, which jumped 6% in early trading.
Wabtec experienced a pre-market drop but rebounded slightly after reporting mixed earnings. Alphabet's shares fell ahead of their upcoming earnings announcement. The resurgence of SpaceX has reignited the AI trade, alleviating concerns about the sustainability of substantial capital investments and the timeline for generating returns.
Despite this, Wall Street remains divided on the nature of the AI boom—whether it is a bubble or a transformative shift that will yield profits. The market is increasingly segregated into high-growth winners and struggling losers. For long-term investors, carefully evaluating AI stocks is crucial to building a resilient portfolio.
Written by urgent.news from Motley Fool's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
