Market Snapshot: S&P 500 books best day in nearly 2 months, Nasdaq rises 1.6% ahead of Nvidia earnings

by | Aug 23, 2023 | Stock Market

U.S. stocks finished higher on Wednesday with the large-cap benchmark S&P 500 booking its best day since June 30 as bond yields fell and traders awaited results from Nvidia Corp., the chip maker at the forefront of the artificial intelligence software boom, due after the market close. What happened
The Dow Jones Industrial Average
DJIA
rose 184.15 points, or 0.5%, to end at 34,472.98.

The S&P 500
SPX
was up 48.46 points, or 1.1%, to finish at 4,436.01.

The Nasdaq Composite
COMP
advanced 215.16 points, or 1.6%, ending at 13,721.03. It was the technology-heavy index’s largest one-day point and percentage gain since July 28, according to Dow Jones Market Data.

On Tuesday, the Dow and S&P 500 lost ground, while the Nasdaq eked out a small gain.

What drove markets Technology shares led the S&P 500 index and the Nasdaq Composite sharply higher on Wednesday as investors awaited Nvidia’s
NVDA,
+3.17%
earnings report which is due out after the closing bell and will be scrutinized as a bellwether for the artificial-intelligence frenzy. See: Nvidia earnings: What Wall Street expects from the AI-chip giant With Nvidia’s shares up 222.4% this year — against the S&P 500’s 15.5% gain — the chip maker encapsulates the enthusiasm for big technology stocks and AI excitement that together helped drive U.S. equity indices higher for much of 2023. Nvidia shares were up 3.2% on Wednesday, contributing to a 8.8% gain so far this week. “It’s just like a sentiment indicator for how the market responds to what’s likely to be a really strong report,” said Matthew Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Company, in a phone interview. “The key here is more on the guidance and the shape of the ongoing surging demand that they’re getting in the data center segment.” Live blog: Wall Street gears up for Nvidia earnings report Demand for Nvidia’s AI equipment is so high that the company is reportedly running up against limited supplies, so the earnings report is expected to offer investors a glimpse of how trends are balanc …

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