NEW YORK / RankWire.AI / – Wall Street’s technology rebound took on fresh relevance after Nvidia reported quarterly results following Wednesday’s market close. U.S. stocks had already moved higher Tuesday as chipmakers and other large technology companies recovered from the prior session’s losses. The S&P 500 gained 0.31% to close at 7,676.62. The Nasdaq Composite advanced 0.64% to 26,145.47. The Dow Jones Industrial Average added 0.29% and finished at 53,572.91, extending the broad market recovery.
Technology shares provided much of Tuesday’s support. Nvidia rose 2.2% before its earnings announcement, while AMD climbed 4.9%. Meta Platforms added nearly 2%, and the Philadelphia semiconductor index advanced 1.4%. Treasury yields moved lower during the session, while oil prices also declined. The combination accompanied gains across several growth-focused sectors. Investors entered the next session with corporate earnings and U.S. economic data among the main scheduled events affecting trading across major equity indexes.
Wednesday produced a much quieter close for Wall Street. The Dow fell 0.21%, while the S&P 500 slipped 0.02%. The Nasdaq Composite ended 0.08% lower. Economic data showed the personal consumption expenditures price index rose 3.7% in July from a year earlier. Core PCE inflation increased 3.3% over the same period. Personal spending gained 0.2% in July, while personal income rose 0.4%. Those figures added fresh economic data to a market already focused on corporate results.
Nvidia earnings update the market picture
Nvidia reported fiscal second-quarter revenue of $96.22 billion for the period ended July 26. Revenue increased 18% from the previous quarter and 106% from a year earlier. Data Center revenue reached $89.0 billion, marking a 117% annual increase. The company reported GAAP net income of $59.69 billion. Diluted earnings came to $2.46 per share. Its GAAP gross margin reached 75.0%, compared with 72.4% during the same quarter in the previous year.
The chipmaker projected fiscal third-quarter revenue of $108.0 billion, plus or minus 2%. The forecast assumes no Data Center compute revenue from China. Nvidia expects GAAP and non-GAAP gross margins of about 74.0%, plus or minus 50 basis points. The company returned roughly $26.0 billion to shareholders through share repurchases and cash dividends during the second quarter. About $99.0 billion remained under its authorized share repurchase program at the end of the reporting period.
Technology shares remain central to global trading
The company’s shares gained 4.7% in after-hours trading following the earnings release and conference call. U.S. equity futures also moved higher during Asian trading Thursday. Technology and semiconductor shares advanced in several Asian markets after the results became available. The reaction followed two different Wall Street sessions. Tuesday produced a clear technology-led rebound, while Wednesday ended with narrow declines across the three major U.S. indexes. Corporate earnings and inflation data remained central to the latest trading activity.
The latest results provided updated context for Tuesday’s Wall Street rebound, which came before the earnings release. Quarterly revenue and Data Center sales both more than doubled from a year earlier. The third-quarter revenue forecast also stood nearly $12 billion above second-quarter sales at its midpoint. U.S. stocks entered Thursday after Wednesday’s near-flat finish and Tuesday’s broader advance. The combination of semiconductor earnings, inflation figures and major index moves defined the latest phase of trading across U.S. and global markets.