The S&P 500 rose on Wednesday, snapping a four-day slide centred on weakness in major technology names as investors positioned for Nvidia’s highly anticipated quarterly results. The index gained 0.38 per cent to close at 6642.16. The Nasdaq Composite advanced 0.59 per cent to 22,564.23, while the Dow Jones Industrial Average added 47 points, or 0.1 per cent, to finish at 46,138.7.
The rebound followed a tough stretch for US equities. Earlier in the week, the Dow and S&P 500 had logged four consecutive losses, marking the S&P 500’s longest downturn since August, while the Nasdaq recorded its fifth negative session in six days. Risk sentiment had been pressured by profit-taking in large-cap tech, a slide in Bitcoin below US$90,000, and rising doubts about the timing of future interest-rate cuts.
Tech leaders rebound
Alphabet was one of the standout performers on Wednesday, climbing about 3 per cent to a fresh all-time high. The rally came as optimism built around its new generation of AI technology, Gemini 3, unveiled on Tuesday. Nvidia also rose roughly 3 per cent as traders awaited the chipmaker’s third-quarter results, due after the closing bell. Analysts widely expect Nvidia, now the largest company in the S&P 500, to exceed top- and bottom-line expectations once again, supported by strong demand for its AI chips and cloud-infrastructure hardware.
Market strategists noted that Nvidia’s modest pullback in recent days may actually prove constructive, easing overly stretched expectations ahead of the announcement. Some investors believe the pause helps set the stage for a more balanced reaction to any upside surprise.
Fed minutes and economic calendar
Minutes from the Federal Reserve’s October meeting added further complexity to the outlook. They revealed policymakers were more divided than previously thought, prompting traders to slash the probability of a December rate cut to 33.8 per cent. The upcoming US jobs data, September figures due late Thursday, will be the next major guidepost. The Bureau of Labour Statistics confirmed that no October jobs report will be issued and that November’s release has been pushed back to 16 December. The next Federal Reserve policy meeting is scheduled for 9–10 December.
Local outlook and corporate diary
Australian shares are set to open higher, with SPI futures up 53 points, or 0.6 per cent, to 8516. Attention will be on Nvidia’s earnings, which will be released around 8.20am AEDT, with the company’s conference call beginning at 9am.
Thursday’s corporate calendar is busy, with around 30 companies holding annual meetings, including Mirvac, Mineral Resources, Monash IVF, Sonic Healthcare, Worley, Qube Holdings, Megaport, Charter Hall, Boss Energy, Dexus Industria, Hub24 and Insignia Financial. Block will also hold an investor day.
