Wall Street Rises, Led by Nvidia
US stocks closed higher on Wednesday, buoyed by a sharp drop in long-term Treasury yields as investors digested a mix of earnings reports and economic data.
The S&P 500 and Nasdaq 100 both rose 0.5%, while the Dow surged 317 points, driven by strong performances from Nvidia and Amgen. Nvidia's 5.1% rise, driven by Super Micro Computer's (+8%) announcement of full production for its AI data center using Nvidia’s Blackwell platform, helped bolster market sentiment.
Amgen rose 6.5% after reporting better-than-expected fourth-quarter earnings and revenue. On the flip side, Alphabet and AMD saw significant losses following disappointing earnings reports, with Alphabet down 6.9% due to a cloud revenue miss and AMD falling 6.3% on weaker-than-expected data center sales.
Despite these setbacks, growing concerns about heightened scrutiny of major tech firms, especially Apple, by Chinese regulators weighed on investor sentiment, adding a layer of uncertainty to the market.
Source: Trading Economics
