Major Wall Street stock indices climbed on Wednesday as investors braced for Nvidia’s earnings report. Market participants are searching for concrete proof that the chipmaker’s profitability remains on an upward trajectory amid massive $630 billion capital expenditure budget from Big Tech for 2026.
Nvidia, currently the most valuable and influential stock in the US market, is scheduled to release its fourth quarter results after the closing bell. Its chips remain the cornerstone of the ongoing artificial intelligence surge. Ahead of the announcement, its stock gained 1.6%.
At 09:52 a.m. ET, the Dow Jones Industrial Average rose 199.66 points, or 0.41%, to 49,374.16, the S&P 500 gained 41.42 points, or 0.61%, to 6,931.95 and the Nasdaq Composite gained 250.74 points, or 1.10%, to 23,114.42.
At the opening bell, the Dow Jones Industrial Average rose 183.1 points, or 0.37%, to 49,357.63. The S&P 500 rose 25.1 points, or 0.36%, to 6,915.15, while the Nasdaq Composite rose 141.3 points, or 0.62%, to 23,005.008.
Wall Street analysts are anticipating another exceptional performance from Nvidia. Projections suggest its quarterly profit could jump nearly 70% year-over-year, reaching approximately $37.52 billion.
Simultaneously, investors weighed remarks from President Donald Trump, who highlighted robust stock market performance during Tuesday’s State of the Union address. He asserted that “almost all” nations and businesses intend to honor existing trade and investment pacts with the US. This comes as a temporary 10% global tariff took effect Tuesday following a significant Supreme Court decision last week. Although Trump later suggested the levy might rise to 15%.
In the bond market, the yield on the 10-year Treasury edged higher to 4.05% from 4.04% late on Tuesday.
Key Stock Movers
Cava Group stock jumped 18.6% after the fast-casual Mediterranean restaurant chain reported better quarterly profit and revenue than analysts expected. Its revenue for a fiscal year also topped USD 1 billion for the first time, up 22.5 per cent from the year earlier.
Axon Enterprise shares rose 16.5% after the firm delivered bigger profit and revenue than Wall Street expected.
Lowe’s Companies stock dropped 4.2% after the home improvement retailer forecast annual sales and profit below estimates.
GoDaddy shares slumped 15.8% after the internet services provider forecast annual revenue below expectations.
First Solar stock slipped 12.9% after the firm forecast annual sales below estimates.
Bullion Market
Gold prices rose on Wednesday on safe haven demand on concerns that tariffs could fuel inflation.
By 09:37 a.m. ET (1437 GMT), spot gold rose 0.5% to $5,172.17 per ounce. US gold futures for April delivery added 0.3% at $5,191.
Among other metals, spot silver climbed 2.8% to $89.80 per ounce. Spot platinum rose 6% to $2,297.62 per ounce. Palladium added 2.8% to $1,816.81.
Crude Oil
Oil prices rose on Wednesday as investors weighed up the threat to oil supply from potential military conflict between the US and Iran.
Brent futures were up 32 cents at $71.09 a barrel at 1426 GMT. WTI futures gained 23 cents to $65.86.
