US stocks advanced on Wednesday, led by gains in tech heavyweights including Nvidia and Oracle Corporation, as markets extended the previous session’s momentum.
The S&P 500 rose 0.6%, while the Nasdaq Composite climbed 1%. The Dow Jones Industrial Average gained about 200 points, or 0.4%.
Nvidia advanced 2% ahead of its earnings release, due after the closing bell alongside results from Salesforce and Snowflake Inc. The chipmaker’s report comes as investors reassess elevated tech valuations and rising AI-related capital spending by hyperscalers.
Investors are closely watching Nvidia’s outlook, especially after hyperscalers recently signalled another step-up in capital expenditure, raising expectations for strong revenue growth.
Oracle jumped more than 2% after receiving an upgrade from Oppenheimer, which cited a favourable risk-reward profile following the stock’s recent correction. The broader software space extended its rebound from Tuesday, when the iShares Expanded Tech-Software Sector ETF climbed about 2%. Stocks such as Palantir Technologies and Microsoft moved higher, though Workday declined 6% after issuing a softer revenue forecast.
In the previous session, major averages rose as fears of widespread AI disruption eased. Advanced Micro Devices helped lift sentiment after Meta Platforms announced a multiyear semiconductor partnership.
On the macro front, investors are also tracking geopolitical tensions and trade developments.
President Donald Trump had over the weekend threatened to raise global tariffs to 15%, though a 10% duty on global imports came into effect on Tuesday. In his State of the Union address, Trump highlighted economic strength and proposed measures including government-backed retirement accounts and renewed calls to restrict large institutional investors from purchasing single-family homes.
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