US stock market today: S&P 500 and Nasdaq at two-week highs, ahead of Nvidia results

The S&P 500 and Nasdaq hit their highest levels in two weeks on Wednesday as technology stocks continued to gain favor as investors weighed risks to AI trading and rising tariff uncertainties ahead of Nvidia’s earnings later in the day.February was a turbulent month for US stocks, as investors wondered whether the massive AI spending touted by tech giants would actually pay off.

Several industries ranging from software, commercial real estate to trucking and logistics have recently seen steep declines as new developments in AI have fueled concerns about industry-wide disruptions.“I see AI disruption continuing to be a dominant market theme this year as AI continues to evolve,” said Sam Stovall, chief investment strategist at CFRA.

“We are still looking at elevated valuations in the market and there will still be a taper, not just in technology and software in particular, but in other areas as well.”

All eyes will be on Nvidia’s profits after markets close on Wednesday, with AI investors looking for evidence that the chipmaker’s profits are growing thanks to Big Tech’s $630 billion capital spending budget for 2026.

Nvidia options imply a move of about 5.6% in either direction a day after the company reports results, which is the lowest expected post-results moving forward ahead of any Nvidia report in at least three years. Shares traded 1.6% higher, while the Philadelphia SE Semiconductor Index climbed to a record high.

At 9:52 a.m. ET, the Dow Jones Industrial Average rose 199.66 points, or 0.41%, to 49,374.16, the S&P 500 gained 41.42 points, or 0.61%, to 6,931.95 and the Nasdaq Composite gained 250.74 points, or 1.10%, to 23,114.42.

The S&P 500 information technology index rose 1.6%, while the communications services index rose 1%. Financial services also added 0.6%.

Technology stocks built on their gains from Tuesday, with the Nasdaq gaining more than 1% as sentiment toward AI stocks improved.

U.S. President Donald Trump boasted of stock market gains in his State of the Union address on Tuesday, saying “almost all” countries and companies want to stick to tariff and investment deals previously struck with the United States.

Trump’s temporary global tariff of 10% went into effect on Tuesday following the Supreme Court’s sweeping ruling last week. He later said the levy would be 15%, but it was unclear when or if it would apply.

In terms of earnings-related moves, Axon Enterprise rose 19.6% after the Taser maker beat fourth-quarter profit expectations, while Workday fell 4% after the enterprise software maker forecast fiscal 2027 subscription revenue to be below expectations.

Shares of Lowe’s Companies fell 4.2% after the home improvement retailer forecast annual sales and profits would be below expectations.

Shares of GoDaddy fell 15.8% after the internet service provider forecast that annual revenue would be below Wall Street expectations.

First Solar lost 12.9% after the solar panel manufacturer predicted annual revenue would be below expectations.

Advancing issues outpaced declining issues by a 1.28-to-1 ratio on the NYSE and by a 1.78-to-1 ratio on the Nasdaq. The S&P 500 posted 40 new 52-week highs and 8 new lows, while the Nasdaq Composite posted 85 new highs and 53 new lows.