Major U.S. stock indexes moved slightly higher Wednesday morning ahead of the highly anticipated earnings release from AI chipmaker Nvidia.
The Dow Jones Industrial Average and S&P 500 were each up 0.2% recently, while the the tech-heavy Nasdaq Composite added 0.3%. Stocks kicked off the holiday-shortened trading week with big gains on Tuesday, snapping a four-day losing streak for the S&P 500, as investors responded to President Donald Trump’s announcement over the weekend that the U.S. would not be imposing 50% tariffs on imports from the E.U. starting next month, as he had threatened just a few days before.
The back-and-forth on trade policy has spurred volatile trading in recent months, though the major stock indexes have largely recovered from the sell-off in early April that followed Trump’s announcement of massive “reciprocal” tariffs on the U.S.’s leading trade partners. Coming into today’s session, the S&P 500 is up 0.7% for 2025, after being down as much as 15% year-to-date early last month.
Market participants will be squarely focused today on Nvidia (NVDA), which is due to release its quarterly results after the closing bell. Shares of Nvidia, which is the world’s second most-valuable company by market capitalization, have fallen after each of its previous three quarterly reports even as the numbers have come in above analysts’ estimates. Nvidia shares were up 0.3% in early trading Wednesday.
Other mega-cap stocks were mostly higher this morning, though the gains were modest. Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META) and Broadcom (AVGO) all moved slightly higher. Tesla (TSLA) shares slipped 0.2% after surging to their highest level since early February yesterday.
A handful of retailers were on the move after releasing earnings reports. Abercrombie & Fitch (ANF) shares soared nearly 30%, while Dick’s Sporting Goods (DKS) added 2%. Macy’s (M) was down 2% after rising more than 4% in the opening minutes of trading.
Bitcoin was at $109,100, little changed from its levels yesterday afternoon. The digital currency hit an all-time high of $112,000 last week, its first record since just before Trump’s inauguration in January.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.47%, up from 4.43% at yesterday’s close. The yield moved as high as 4.63% last week, its highest level in more than three months, amid rising concerns about the federal deficit as the GOP tax and spending bill moved through Congress.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was recently up 0.3% at 99.84.
Gold futures were up 0.2% at $3,305 per ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.6% to $61.90 per barrel, rebounding from the previous session’s declines.