Stocks Recover as Eli Lilly Soars to 14-Month Peak: What’s Driving Market Activity on Wednesday?

Market Recovery: Wall Street rebounded on Wednesday after a selloff in AI stocks, driven by solid corporate earnings and indications that the Federal Reserve may be close to cutting interest rates.

Employment Report: The ADP National Employment Report indicated that private employers added 42,000 jobs in October, surpassing expectations and showing some resilience in the labor market, although hiring remains below robust levels.

Stock Performance: Major indices saw gains, with the S&P 500 up 0.9% and the Nasdaq 100 rising 1.1%, while notable stock movements included Eli Lilly and Advanced Micro Devices posting significant increases.

Crypto and Commodities: Cryptocurrency markets rebounded, with Bitcoin rising to nearly $104,000, and commodities like gold and silver also saw price increases, while crude oil prices fell.