U.S. stocks ended a choppy session higher on Wednesday, bouncing off recent losses as technology stocks rose ahead of Nvidia's quarterly results.

Market Snapshot

The Dow Jones Industrial Average rose 47.03 points, or 0.10%, to 46,138.77, the S&P 500 gained 24.84 points, or 0.38%, to 6,642.16 and the Nasdaq Composite advanced 131.38 points, or 0.59%, to 22,564.23.

Market Movers

Nvidia - Nvidia rose 2.9% ahead of its earnings report scheduled for after the closing bell. Wall Street expects the world’s most valuable company to report adjusted earnings of $1.26 a share on revenue of $54.9 billion, up 57% from a year ago. For the current-quarter outlook, analysts expect revenue of $62.17 billion, with earnings of $1.44 a share.

The earnings will be crucial for the broader market: If Nvidia signals continued demand for its artificial-intelligence chips, fears about bloated valuations could ease. Investors also be looking for more clarity on Nvidia’s relationships with AI start-ups OpenAI and Anthropic, amid worries that the AI trade may be becoming one big circular money machine. Nvidia and Microsoft committed on Tuesday to invest up to $10 billion and $5 billion, respectively, in Anthropic as part of a new strategic partnership. Shares of both companies fell after the announcement.

Alphabet - Alphabet’s Class A shares climbed 3% to $292.81, for a record closing high. The tech giant’s Gemini 3 AI model debuted Tuesday to generally positive reception. Google andAlphabetCEO Sundar Pichai called it the 「most intelligent model」 yet.

SEMrush Holdings, Adobe - Shares of Semrush Holdings soared 74% to $11.76 after Adobe reached an agreement to acquire the digital marketing company for $12 a share, or a total equity value of $1.9 billion. The deal is expected to close in the first half of 2026, the companies said. Adobe stock fell 2%.

Lowe's - Lowe’s gained 4% after the home-improvement retailer reported better-than-expected earnings and revenue for the third quarter. The beat helped reassure investors after rivalHome Depotcut its guidance on Tuesday.Home Depotshares fell 0.6% on Wednesday after tumbling 6% on Tuesday, their worst day since February 2023.

Target - Target shares fell 2.8% after the retailer reported better-than-expected third-quarter earnings but lowered its profit guidance for the fiscal year. Shares are down 36% this year, and the guidance cut underlines the tough task awaiting incoming CEO Michael Fiddelke.

Constellation Energy - Constellation Energy rose 5.3%. The Energy Department said it would loan Constellation $1 billion to restart the nuclear plant atThree Mile Island in Pennsylvania. Constellation accounts for about a quarter of America’s nuclear generation, and it has deals with both Microsoft andMeta Platformsto supply power fortheir AI data centers.

Dycom - Dycom Industries jumped 9.8%. The telecom and utility infrastructure builder posted fiscal third-quarter earnings and sales that topped analysts’ forecasts. Along with earnings, Dycom announced the acquisition of Power Solutions.

Plug Power - Plug Power slumped 11.2% after the hydrogen technology provider announced plans to offer $375 million worth of senior convertible notes. The offering would dilute existing shareholders’ stake in the company.

MP Materials, Ramaco Resources - MP Materials climbed 8.6% to $63.55. Goldman Sachs initiated coverage on shares of the rare-earth producer with aBuy rating and $77 price targeton Wednesday. The firm also launched coverage of fellow rare-earth stock Ramaco Resources with a Sell rating and $16 price target. Shares tumbled 13.3% to $17.35.

DoorDash - DoorDash fell 4.6% to $202.30 after Jefferies upgraded the food delivery company to Buy from Hold and raised its price target to $260 from $220. The new price target implies the stock can rise about 23% from the level it traded at as of Tuesday’s close, when it ended the session at $212.08.

Agios Pharmaceuticals - Agios Pharmaceuticals cratered 50.9%. The biotech said a Phase 3 trial for mitapivat, a drug to treat sickle cell disease, had failed to meet several endpoints. The stock has fallen 32% this year.

La-Z-Boy - La-Z-Boy soared 20.2%. The furniture maker topped analysts’ earnings and revenue targets in the fiscal second quarter.

Market News

AI Leader Nvidia Forecasts Fourth-Quarter Revenue Above Estimates

Nvidia forecast quarterly revenue well above Wall Street estimates on Wednesday and CEO Jensen Huang touted blockbuster demand for its AI chips from giant cloud providers.

The results calmed - at least temporarily - investor nerves frayed over concerns that an AI boom has outrun fundamentals. Global markets have looked to the chip designer to determine whether investing billions of dollars in AI infrastructure expansion has resulted in an AI bubble.

"Blackwell sales are off the charts, and cloud GPUs are sold out,」 Huang said in a statement. 「The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.」

On a call with analysts, he said: "There's been a lot of talk about an AI bubble. From our vantage point, we see something very different."

Fed Minutes Suggest There May Not Be Majority Support for a December Rate Cut

Federal Reserve officials held 「strongly differing views」 about whether to cut interest rates in December, with sentiment among them rising that progress on inflation had stalled, according to a summary of the central bank’s October meeting, released Wednesday.

Many Fed officials were clear that they wanted the Fed to hold rates steady in December.

These officials said further rate cuts could add to the risk of higher inflation becoming sticky and would be misinterpreted as implying a lack of commitment to the Fed’s 2% inflation target.

At the same time, 「most」 officials suggested that rates would likely move lower over time, but 「several」 of these officials said they did not necessarily think a December cut was appropriate. Some of these officials said they would wait for the data to decide whether to cut, according to minutes of the meeting.