Nvidia Earnings on Horizon, S&P at Record High
The S&P 500 ticked higher on Wednesday as investors turned their eyes to Nvidia earnings, which could be a make-or-break moment for the bull market.
The Dow Jones Industrials leaped 147.16 points to close Wednesday at 45,505.23.
The broader index gained 15.46 points to 6,481.40. Nvidia, which accounts for roughly 8% of the S&P 500, has the biggest weight in the broad market index
The NASDAQ marched ahead 45.87 points to 21,590.14.
Some individual names managed strong gains despite the muted action in the broader market. MongoDB popped 37% after the developer data platform topped Wall Street’s expectations. Okta jumped 1% after its quarterly results and full-year forecast beat consensus estimates.
Both companies cited the demand coming from companies developing artificial intelligence platforms for the strong results. That bodes well for Nvidia, which was to release its financial results after the closing bell on Wednesday.
The chipmaker has beaten earnings expectations in 11 of past 12 quarterly reports, but the stock has had a downbeat post-earnings reaction four of those times.
Prices for 10-year Treasury lost ground Wednesday scaling down yields to 4.24% from Tuesday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices increased 62 cents to $63.87 U.S. a barrel.
Gold prices surged $16.30 at $3,449.40 U.S. an ounce.
