Stocks rise on AI-led earnings, France's 10-year bond yield hits 5%

On Wednesday, major stock indexes advanced as AI-focused companies reported strong earnings, while France's 10-year bond yield rose to 5 percent for the first time since 2002 due to worries about the country's economic outlook. The Nasdaq surged over 1 percent, with Super Micro shares climbing 9.5 percent after the AI server maker beat earnings expectations.

SpaceX shares jumped 7.8 percent following Elon Musk's hint that merging SpaceX and Tesla would be a good idea, and the company also posted its first profit as a public entity. However, AI-related shares declined ahead of third-quarter results amid concerns over the sustainability of the AI trend. Adam Sarhan, CEO of 50 Park Investments, noted that many of the market's recent concerns are being alleviated as earnings are coming in stronger than expected.

US bond yields fell, and expectations of US interest rate hikes softened, while the Dow Jones Industrial Average rose 360.21 points, the S&P 500 gained 44.60 points, and the Nasdaq Composite increased 278.04 points. French bond yields hit a 24-year high above 5 percent, with the gap between French and German 10-year yields nearing a 15-year high.

French President Emmanuel Macron pledged to prevent upcoming protests from turning violent and dismissed foreign leaders' comments regarding the unrest as "stupid" and "unacceptable."