The stock market rally attempt received a boost on Wednesday ahead of the earnings reports from Nvidia, Snowflake, Splunk, and NetApp. Nvidia’s strong earnings report, which beat expectations and included a $25 billion stock buyback, had significant implications for other chip and AI stocks and contributed to the rise in Dow Jones, S&P 500, and Nasdaq futures after hours. Chipmakers like Broadcom and Marvell Technology, as well as software makers like ServiceNow and Adobe, showed signs of potential buy signals. Additionally, megacaps such as Microsoft, Meta Platforms, and Google parent Alphabet also experienced positive movements. Despite the positive momentum, the market rally attempt has not been confirmed.
The stock market rally attempt continued to show promise as tech giants led the way on Wednesday. The Dow Jones Industrial Average, S&P 500, and Nasdaq composite all recorded gains, with the Nasdaq seeing the strongest increase. Copper futures continued their winning streak, while crude oil prices fell. The 10-year Treasury yield also experienced a significant drop, which could ease pressure on Federal Reserve chief Jerome Powell ahead of his upcoming speech at the Jackson Hole symposium. Various ETFs, including those focused on growth, software, and semiconductor sectors, also saw gains.
Nvidia’s earnings report easily exceeded expectations due to the high demand for data-center services in the booming AI market. The company’s stock rose significantly in overnight trading, reaching a potential record high. Chipmakers like Broadcom and Marvell also experienced positive movements, while software giants ServiceNow and Adobe showed slight gains. Other AI-related companies, such as Palantir Technologies and C3.ai, also saw solid gains. Snowflake and Splunk reported earnings that beat expectations, further impacting the software industry. Super Micro Computer, a server maker, experienced a notable increase in stock price after a recent sell-off. Megacaps like Microsoft, Meta Platforms, and Google also received positive signals, with Google announcing upcoming AI-related security improvements.