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Stock Gains Accelerate as Investors Await Nvidia Results

Stock gains picked up pace on Wednesday afternoon as investors eagerly anticipated the release of chipmaker Nvidia’s (NVDA) quarterly results after the market closed.

Shortly before 2 p.m. ET, the Nasdaq (^IXIC) soared approximately 1.8%, while the S&P 500 (^GSPC) saw a 1.2% increase and the Dow (DJI) rose by 0.7%.

Equities slowed down on Tuesday, with the Dow declining by roughly 0.5% as the rising Treasury yields continued to weigh on the stock market.

In the early hours of Wednesday, the yield on the 10-year Treasury note (^TNX) stood at around 4.21%, which is approximately 14 basis points below the 16-year high reached earlier this week.

Early Wednesday trading witnessed retail stocks once again being the focal point of major market movements, with Foot Locker (FL) experiencing a decline of up to 30% following a disappointing quarter where they had to cut their dividend and adjust their outlook for the year.

Additionally, Peloton (PTON) encountered a decline of over 20% in early Wednesday trading due to the expenses resulting from a seat post recall and increased subscriber churn putting strain on the exercise bike manufacturer.

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