By Joe Woelfel

Stocks were wavering Wednesday after the S&P 500 moved into positive territory for the year as tech stocks powered higher.

These stocks were moving Wednesday:

Nvidia gained 3.1% after the leading maker of artificial-intelligence chips jumped 5.6% on Tuesday following CEO Jensen Huang's announcement the company was partnering with Saudi Arabia's state-backed Humain on a 500-megawatt data-center project. Nvidia said the project would be powered by several hundred thousand of its most advanced graphics-processing units over the next five years.

Nvidia finished with a market cap Tuesday of $3.17 trillion, the first time the company closed above $3 trillion since Feb. 28, according to Dow Jones Market Data.

Advanced Micro Devices rose 6.9% after its board approved a new $6 billion stock buyback program. Added to an existing plan, the chip maker has the authority to repurchase around $10 billion worth of shares. AMD gained 4% on Tuesday after it was announced the company also would be supplying semiconductors to Saudi Arabia's Humain in a $10 billion project.

Super Micro Computer extended gains, rising 14% to $44.24 on Monday after closing with a gain of 16% in the previous session. Analysts at Raymond James initiated coverage on shares of the server maker at Outperform with a price target of $41.

Palantir Technologies was up 1.7%. The data analytics company jumped 8.1% on Tuesday to $128.10, a record closing high, and finished the session with a market cap of $302.3 billion, the first time it has closed above $300 billion.

UnitedHealth rose 3.2% after the health insurance giant sank 18% on Tuesday to $311.38, the stock's lowest close since Oct. 30 2020, according to Dow Jones Market Data. On Tuesday, UnitedHealth pulled its outlook for 2025, citing challenges facing its Medicare Advantage business, and announced that its CEO stepped down.

American Eagle Outfitters slumped 4.6% after the apparel maker swung to a loss in its fiscal first quarter and pulled guidance for the rest of the fiscal year. "We are clearly disappointed with our execution in the first quarter. Merchandising strategies did not drive the results we anticipated, leading to higher promotions and excess inventory," said CEO Jay Schottenstein in a statement.

Clean-energy company Oklo reported a first-quarter loss of 7 cents a share, narrower than analysts' estimates that called for a loss of 10 cents and narrower than a year-earlier loss of 34 cents. The stock gained 19%. Oklo gained 11% on Tuesday after saying it had finished drilling to gather information about the proposed location of its first nuclear plant in what it called a " pivotal step" toward the production of commercial power.

Exelixis reported first-quarter earnings and revenue that beat analysts' estimates and the oncology company raised its fiscal-year revenue forecast to $2.25 billion to $2.35 billion, up from a prior forecast of $2.15 billion to $2.25 billion. The stock rose 20%.

Wolfspeed was rising 2.4%. Shares of Wolfspeed, which makes silicon-carbide technology for use in the automotive industry, rose 16% on Tuesday following a report from The Wall Street Journal that said Apollo Global Management engaged investment bank Moelis as the asset manager negotiates a possible debt restructuring with the company. The Journal report cited people familiar with the matter.

Grail fell 14% after the biotechnology company reported a narrower first-quarter loss and revenue of $31.8 million that rose from a year earlier but missed analysts' estimates of $35.2 million.

Earnings reports are expected Wednesday from Cisco Systems, CoreWeave, Nextracker, Boot Barn, and DXC Technology.

Write to Joe Woelfel at joseph.woelfel@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 14, 2025 09:49 ET (13:49 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.