Update: Tech-Led Rally Lifts Nasdaq, Extends S&P 500's Advance to Third Day

04:22 PM EDT, 10/21/2026 (MT Newswires) -- (Updates with market moves at the end of the day, and other changes, if any.) The Nasdaq Composite rose Wednesday as SpaceX's (SPCX) post-earnings rally lifted the technology sector and buoyed broad market sentiment, extending the S&P 500's advance to the third consecutive day. The tech-heavy Nasdaq gained 1.1% to close at 26,702.86, while the S&P 500 rose 0.6% to 7,757.17. The Dow Jones Industrial Average advanced 0.7% to 52,856.09. Most sectors ended in the green led by tech, while communication services led the laggards. Shares of SpaceX jumped 7.8%. Late Tuesday, the satellite and rocket company swung to third-quarter earnings year on year as revenue surged past Wall Street's expectations, driven by sharp gains in its artificial intelligence and connectivity divisions. SpaceX and electric vehicle maker Tesla have formed special committees to evaluate a potential merger, Elon Musk, who heads both companies, said late Tuesday. A deal could allow SpaceX and Tesla to share technology, reduce overlapping costs and accelerate development, Saxo Bank said in a note Wednesday. The brokerage estimated the companies' combined market value at around $3.5 trillion. Tesla shares climbed 3.4% ahead of the release of its quarterly results after the closing bell Wednesday. Meta Platforms (META) was also scheduled to report after hours. Super Micro Computer (SMCI) shares surged 9.6%, the second-biggest gainer on the S&P 500. Late Tuesday, the company reported an upbeat preliminary fiscal first-quarter revenue. AT&T (T) was the worst performer on the S&P 500, down 6.5%. The telecommunications giant raised its full-year earnings outlook following stronger-than-expected third-quarter results, though its postpaid phone subscriber growth missed projections. Netflix (NFLX) shares slumped 5.3%. Late Tuesday, the streaming giant provided a downbeat fourth-quarter outlook. Treasury yields were mixed, with the two-year rate up 2.1 basis points at 4.81% and 10-year rate little changed at 5.12%. West Texas Intermediate crude oil edged down 0.1 to $97.69 a barrel, while Brent rose 0.7% to $109.58. Spot gold ticked up 0.2% to $4,134.47 per troy ounce, while silver was little changed at $58.01 per ounce.