Wall Street Rebounds as Tech Gains Offset Oil Price Volatility

Despite a rocky start to September, Wall Street managed to snap its three-day losing streak on Wednesday, thanks to gains from big tech companies and steady oil prices. The S&P 500 index rose 0.5%, with the Dow Jones Industrial Average increasing by 0.6% and the Nasdaq composite gaining 0.5%. This boost was largely driven by Dell Technologies, which jumped 15.8% after reporting strong second-quarter profits due to accelerating demand for artificial intelligence computing.

Other big tech companies tied to the AI boom also rallied, with chipmaker Nvidia rising 3.2% and computer memory seller Micron Technology gaining 2.4%. However, Palo Alto Networks' shares fell 9.3% despite reporting quarterly results that topped Wall Street's expectations due to a strong market for AI cybersecurity.

The oil price held relatively steady at $95.63 per barrel for Brent crude, despite the intensification of the six-month-long US war with Iran. Energy stocks were mixed, with Chevron edging 0.3% higher after confirming it will expand operations in Venezuela.