Stock Market Today: Dow and S&P 500 Post Gains Ahead of Nvidia Earnings

Stock market today rebounded from significant losses on Wednesday as investors looked ahead to Nvidia's (NVDA) earnings report, this earnings release is seen as a critical indicator for the artificial intelligence sector and could influence market direction for the coming days.

Dow Gains Slightly, Nasdaq Dips as Nvidia Reports Earnings

The Dow Jones Industrial Average (^DJI) ended the day with a gain of approximately 0.3%, while the S&P 500 (^GSPC) closed virtually unchanged. In contrast, the tech-focused Nasdaq Composite (^IXIC) dipped around 0.1%. At various points during the day, all three major indexes had experienced significant losses, with the Nasdaq falling over 1% in morning trading.

After the market closed, Nvidia reported earnings per share (EPS) of $0.81 on revenue of $35.1 billion. Analysts had expected an EPS of $0.74 and revenue of $33.2 billion, but shares fell in early after-hours trading.

As a $3.61 trillion chipmaker and currently the world's most valuable company, Nvidia's stock has surged by 200% this year, reaching record highs following the U.S. presidential election.

Target Cuts Outlook, Bitcoin Hits Record High Amid Optimism

In corporate news, Target (TGT) has cut its outlook for holiday-season sales and profits after posting a significant quarterly profit miss and revising its full-year guidance downward. Following this announcement, shares of the retail giant fell more than 21%, reflecting investor concerns about its performance during the critical shopping season.

Meanwhile, Bitcoin (BTC-USD) prices experienced a notable surge, climbing over 3% to reach a new record near $94,500 per token. However, the cryptocurrency later pulled back slightly, falling below $94,000. This recent rally has been driven by optimism surrounding a potential crypto-friendly administration under former President Trump, which has sparked renewed interest in digital currencies. As investors navigate both corporate earnings and cryptocurrency trends, market dynamics continue to shift, reflecting broader economic sentiments and expectations for the future.

Wall Street rises with Nvidia as bitcoin bursts above $99,000

Nvidia saw a modest increase of 0.5% after once again surpassing analysts’ expectations for profit and revenue. Despite the small gain, it remained a significant driver for the S&P 500's upward movement. The company also provided a revenue forecast for the current quarter that exceeded most analysts’ projections, driven by strong demand for its chips used in artificial intelligence technology.

The stock initially dropped in after-hours trading on Wednesday after the earnings results were released. Some investors noted that the market may have anticipated an even more substantial revenue forecast from Nvidia. However, the stock rebounded in premarket trading on Thursday. Wedbush analyst Dan Ives described Nvidia's performance as another "flawless" profit report, praising CEO Jensen Huang, whom Ives refers to as "the Godfather of AI."