Wall Street ended modestly higher on Wednesday as investors waited for results from Nvidia, seen as a potential turning point for the bull market.
The S&P 500 rose 0.24% to a record close of 6,481.40. The Nasdaq Composite added 0.21% to finish at 21,590.14, while the Dow Jones Industrial Average gained 147 points, or 0.32%, to close at 45,565.23. Nvidia, which accounts for more than 8% of the S&P 500’s weighting, finished little changed during regular trade.
Investors largely shrugged off President Donald Trump’s unprecedented decision to dismiss Federal Reserve Governor Lisa Cook. Analysts say expectations of lower interest rates and improving earnings are continuing to underpin sentiment.
Strong individual performers
Despite the subdued broader market, a few companies surged. Developer data platform MongoDB jumped 38% after topping Wall Street forecasts, while identity management group Okta rose more than 1% on stronger-than-expected results and guidance. Both credited demand from firms building artificial intelligence platforms, further reinforcing Wall Street’s focus on AI-linked names.
Nvidia results after the close
After the closing bell, Nvidia reported quarterly earnings and revenue ahead of Wall Street expectations. The company posted adjusted earnings of US$1.05 per share on revenue of US$46.74bn, with net income up 59% to US$26.42bn. Guidance for the current quarter was also stronger than expected, with revenue projected at around US$54bn.
Data centre sales rose 56% to US$41.1bn, though that figure came in just shy of forecasts for a second straight quarter. Sales of its new Blackwell chips climbed 17% from the prior quarter, while gaming revenue grew 49% and robotics rose 69%. Nvidia also announced a fresh US$60bn share buyback programme. Despite the beats, shares slipped in after-hours trade on concerns about the pace of growth in its key data centre unit.
Local outlook
The SPI futures are pointing to a flat open. Investors are awaiting earnings reports from Qantas, Wesfarmers, Mineral Resources, and Star Entertainment. Second-quarter capital expenditure figures are due at 11:30 AM, with NAB forecasting a 1% rise. Across the Tasman, filled jobs and business confidence reports are scheduled. In the US, second-quarter GDP revisions will be released later in the day.
