(Sharecast News) - Major indices closed higher on Wednesday as investors patiently awaited quarterly earnings from semiconductor giant Nvidia after the close.
At the close, the Dow Jones Industrial Average was up 0.63% at 49,482.15, while the S&P 500 advanced 0.81% to 6,946.13 and the Nasdaq Composite saw out the session 1.26% firmer at 23,152.08.
The Dow closed 307.65 points higher on Wednesday, extending gains recorded in the previous session as the blue-chip index partially rebounded from a tariff-fuelled sell-off.
Wednesday's primary focus was quarterly numbers from chipmaker Nvidia, with the firm delivering both earnings and revenues that came in ahead of expectations, while also issuing firstquarter guidance of between $76.44bn and $79.56bn, above Wall Street estimates of $72.8bn. Nvidia also noted that its outlook did not include any potential contribution from China.
Nvidia's numbers come as investors continue to reassess elevated valuations across the sector and grow more cautious over the scale of AIrelated capital spending by the hyperscalers.
Elsewhere in the corporate space, Lowe's beat expectations with its quarterly revenue and earnings figures as sales posted doubledigit growth from a year earlier. The home improvement retailer also said it expects fullyear sales to come in between $92bn and $94bn in FY26, which would represent an increase of roughly 7% to 9% compared with the prior year.
After the close, Salesforce shares fell in extended trading after the software group delivered solid quarterly results but issued a fiscal 2027 revenue outlook that came in below Wall Street expectations, while Zoom Communications gave a profit outlook that missed estimates, indicating higher costs as it continues to push its expanded suite of products, and Snowflake forecast fiscal 2027 product revenue above Wall Street expectations, signalling that new customers were increasingly adopting its cloudbased data analytics platform amid strong demand for artificial intelligence tools.
On the macro front, US mortgage applications edged higher in the week ended 20 February, according to the Mortgage Bankers Association, extending the modest improvement seen a week earlier despite a further drop in benchmark borrowing costs. Mortgage applications rose 0.4% week-on-week, following a 2.8% increase in the previous period, with the MBA highlighting that the only modest increase came despite mortgage rates falling to their lowest level in nearly four years, driven by soft risk appetite that pushed investors into longdated Treasuries.
Refinancing activity, which is more sensitive to shortterm rate moves, climbed 4%, while applications to purchase a home fell 5%, with the report pointing out that a lack of new supply that continued to keep prospective buyers on the sidelines.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $284.17 3.74%
International Business Machines Corporation (CDI) (IBM) $237.59 3.58%
Salesforce.Com Inc. (CRM) $192.32 3.41%
Goldman Sachs Group Inc. (GS) $921.36 2.12%
American Express Co. (AXP) $327.00 2.06%
JP Morgan Chase & Co. (JPM) $303.42 2.02%
Visa Inc. (V) $313.03 1.88%
Intel Corp. (INTC) $46.88 1.65%
Cisco Systems Inc. (CSCO) $79.12 1.25%
Apple Inc. (AAPL) $274.23 0.77%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $30.08 -3.32%
Home Depot Inc. (HD) $376.07 -2.32%
Boeing Co. (BA) $230.33 -1.30%
Verizon Communications Inc. (VZ) $49.26 -1.26%
Merck & Co. Inc. (MRK) $122.46 -1.19%
Procter & Gamble Co. (PG) $163.54 -1.14%
Nike Inc. (NKE) $63.40 -1.08%
Walt Disney Co. (DIS) $105.13 -0.94%
Chevron Corp. (CVX) $184.20 -0.60%
3M Co. (MMM) $165.55 -0.55%
S&P 500 - Risers
FMC Corp. (FMC) $14.97 7.85%
Western Digital Corp. (WDC) $290.95 7.53%
Seagate Technology Plc (STX) $421.85 6.52%
Intuit Inc. (INTU) $381.23 6.28%
Netflix Inc. (NFLX) $82.70 5.97%
Corning Inc. (GLW) $160.41 5.83%
Ipg Photonics Corp. (IPGP) $138.85 5.43%
Albemarle Corp. (ALB) $195.61 4.84%
Capital One Financial Corp. (COF) $205.77 4.70%
Applied Materials Inc. (AMAT) $394.95 4.50%
S&P 500 - Fallers
Brown Forman Corp. Class B (BF.B) $28.13 -7.63%
Advance Auto Parts (AAP) $50.33 -6.21%
Celanese Corp. (CE) $49.94 -5.76%
Lowe's Companies Inc. (LOW) $263.02 -5.59%
Mosaic Company (MOS) $26.95 -5.30%
Lennar Corp. Class A (LEN) $111.04 -4.87%
Molson Coors Beverage Co. Class B (TAP) $47.52 -4.77%
United Rentals Inc. (URI) $854.90 -4.73%
CenturyLink Inc. (LUMN) $7.10 -4.70%
Stanley Black & Decker Inc. (SWK) $85.24 -4.47%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $290.95 7.53%
Seagate Technology Plc (STX) $421.85 6.52%
Intuit Inc. (INTU) $381.23 6.28%
Netflix Inc. (NFLX) $82.70 5.97%
Applied Materials Inc. (AMAT) $394.95 4.50%
Automatic Data Processing Inc. (ADP) $214.25 4.17%
Qvc Group Inc Series A (QVCGA) $3.31 3.12%
Paychex Inc. (PAYX) $91.23 3.11%
Expedia Group Inc. (EXPE) $203.74 2.84%
KLA-Tencor Corp. (KLAC) $1,546.68 2.66%
Nasdaq 100 - Fallers
Mercadolibre Inc. (MELI) $1,767.71 -8.05%
O'Reilly Automotive Inc. (ORLY) $91.44 -3.06%
Dollar Tree Inc (DLTR) $127.70 -3.04%
Charter Communications Inc. (CHTR) $225.75 -2.63%
Comcast Corp. (CMCSA) $30.79 -2.59%
DENTSPLY Sirona Inc. (XRAY) $12.80 -2.59%
Biogen Inc (BIIB) $190.73 -2.25%
Biomarin Pharmaceutical Inc. (BMRN) $61.44 -1.88%
Fastenal Co. (FAST) $44.63 -1.83%
Wynn Resorts Ltd. (WYNN) $107.45 -1.82%
125.82 (1.18%)
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