Wall Street edges higher as the market awaits Nvidia’s quarterly report
By ALEX VEIGA, AP Business Writer
U.S. stocks edged higher in midday trading Wednesday ahead of a highly anticipated earnings update from computer chip giant Nvidia that may provide insights into the current state and future of artificial intelligence.
The S&P 500 was up 0.2%. The benchmark index remains near its record high set earlier this month. The Dow Jones Industrial Average rose 104 points, or 0.2%, as of 12:07 p.m. Eastern time. The Nasdaq composite rose 0.2%.
Gains in technology and financial companies helped outweigh declines in communication services, health care and other sectors.
Investors see Nvidia’s quarterly report, coming after the bell, as a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market. Its shares were up 0.1%.
Cracker Barrel shares climbed 8.3% after the restaurant company scrapped plans to change its logo following an uproar on social media that even drew a comment from President Donald Trump.
