The main US stock market indices extended gains on Wednesday as traders remained watchful of bellwether Nvidia Corp’s upcoming Q4 earnings later in the day.
Tech-heavy Nasdaq Composite opened 0.7% or 175.07 points higher at 23,038.75, wider index S&P 500 rose 0.5% or 38 points at open to 6,928.29, and Dow Jones Industrial Average also added over 270 points, opening 0.5% higher at 49,444.55.
As of 10:17 a.m. EST, Nasdaq traded 1.16% higher at 23,076.36, S&P traded 0.48% higher at 6,922.77 and Dow Jones traded 0.19% higher at 49,270.25.
Nvidia’s stock rose 0.6% to $194 in the early minutes of trade. The shares jumped over 1% to trade at $195.31 within the first hour of the market opening. Larry Elison-owned Oracle Corp. jumped 3.30% to trade at $150.93.
ALSO READ: Nvidia Earnings Loom As Risk Factor For AI-Obsessed Stock Market
In the moment of reckoning later today, the AI-linked tech titan will be judged on expectations around the sustainability of margins amid a spending spree and disruption jitters, according to media reports.
In the third quarter, Nvidia’s net income had soared 65%. The titan chipmaker had also beat estimates by reporting a 62% year-on-year surge in its revenue to $57 billion.
Other tech majors like Microsoft Corp., Meta Platforms Inc., Micron technology Inc., and Amazon.com Inc. also surged. Microsoft traded over 2% higher at $398.79, Meta jumped 1.75 to $650.13, chipmaker Micron surged nearly 4% to $432, and Amazon was trading over 1% higher at $211.13.
After the market opened, five out of the 11 sectoral indices were trading in the green while six traded lower. Of these, information Technology and Communications sectors led the gains and Energy and Cosumer Staples sectors led the decline.
Crude oil prices declined, with West Texas Intermediate trading 0.3% lower at $65.44 a barrel and global benchmark Brent Crude trading flat at $70.59 a barrel. On the other hand, spot gold prices rose 1% to $5,194.22 an ounce.
The Bloomberg Dollar Spot Index was little changed, while euro rose 0.1% to $1.1789. The British pound rose 0.2% to $1.3519, while the Japanese yen fell 0.4% to 156.47 per dollar.
Bitcoin, the largest traded cryptocurrency jumped 4.1% to $66,677.57.
ALSO READ: AMD Stock Futures Jumps 10% On Multi-Year Agreement With Meta To Power AI Infrastructure
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