The S&P 500 finished Wednesday at a record high as investors awaited quarterly results from Nvidia, the semiconductor leader whose performance has become a key driver of market sentiment this year.
The benchmark index added 0.2%, while the Nasdaq Composite gained 0.2% and the Dow Jones Industrial Average advanced 0.3%. The market’s modest rise marked another record close for the S&P 500, which has been supported by optimism around artificial intelligence and technology sector earnings. Nvidia shares, up roughly 35% so far in 2025, were little changed during the session as traders positioned themselves ahead of the company’s fiscal second-quarter results released after the closing bell.
Market Positions Ahead of Nvidia Results
Nvidia has been the top performer among the so-called “Magnificent Seven” technology stocks this year, driven by strong demand for its AI chips. The company’s financial update is widely seen as a key test for both the broader tech sector and the overall equity market, given Nvidia’s role as a bellwether for AI-related growth.
“Investors have been looking to Nvidia’s earnings as a gauge for AI momentum,” one analyst noted, pointing to the company’s influence on market valuations. The results are expected to provide insight into demand trends for data center products and AI computing platforms.
While Nvidia’s stock traded flat during the day, anticipation of its update supported broader gains across the market, underscoring the company’s central position in investor sentiment.
Movers Across the S&P 500
Beyond Nvidia, several other stocks made notable moves in Wednesday’s session.
- Albemarle (ALB): Shares of the lithium producer surged 7.5% to lead the S&P 500 after UBS upgraded the stock to “neutral” from “sell” and raised its price target, citing expectations of improved lithium prices in 2026.
- Wynn Resorts (WYNN): The casino operator’s shares gained 3.5% after UBS upgraded its Macau subsidiary to “buy,” pointing to stronger gaming revenue forecasts. Fellow operators MGM Resorts (MGM) and Caesars Entertainment (CZR) also advanced more than 3%.
- MongoDB (MDB): Shares soared 38% after the software firm reported better-than-expected second-quarter results and raised its full-year outlook, citing strong subscription growth. Datadog (DDOG) gained 4.3% in sympathy.
- Paramount Skydance (PSKY): Shares fell 6.5%, the steepest decline among S&P 500 constituents, after Morgan Stanley trimmed its price target, pointing to valuation concerns following the recent merger of Paramount Global and Skydance Media.
- SBA Communications (SBAC): Shares dropped 4.9% after BofA Securities downgraded the wireless infrastructure REIT to “neutral” from “buy.”
- J.M. Smucker (SJM): Shares declined 4.4% after the company reported a quarterly loss and noted ongoing margin pressure in its U.S. coffee business.
Broader Market Outlook
The day’s trading reflected a broader theme in 2025: optimism about AI-driven growth tempered by company-specific challenges across industries. While sectors such as lithium, gaming, and software showed strong performance, other areas like communications infrastructure and consumer goods faced pressures.
Still, Nvidia remained the central focus of investor attention. The company’s results, announced after the market closed, are expected to set the tone for the remainder of the week and potentially influence the trajectory of the S&P 500 heading into September.
With indexes at record levels and market momentum closely tied to AI-related developments, Nvidia’s earnings will be scrutinized for both immediate financial performance and signals about future demand. Investors are watching whether the chipmaker can continue to meet the high expectations that have defined its market leadership throughout 2025.
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