Stock market today: Nasdaq edges higher as Nvidia, AMD lead chip gains
US stocks searched for a footing on Wednesday after the S&P 500 (^GSPC) erased its losses for 2025 and Wall Street continued to debate the state of play on tariffs.
The S&P 500 rose 0.1% while the Dow Jones Industrial Average (^DJI) was roughly flat. The tech-heavy Nasdaq Composite (^IXIC) led the gains, popping 0.5%. A tech-rally helped push the Nasdaq higher with shares of AMD rising 5%, Alphabet (GOOGL,GOOG) ticking 3% higher and a 17% soar in shares of Super Micro Computer (SMCI).
Prospects for chipmaker Nvidia (NVDA) — and the AI trade more widely — got a boost from plans to overhaul curbs on chip exports and new AI deals led by Saudi Arabia. The President Trump-backed moves come as markets debate the staying power of a "Magnificent Seven" rally driven by the US-China trade truce. Nvidia rallied another 3% in premarket trading on Wednesday.
Nvidia server maker Foxconn (2317.TW, HNHPF) flagged strong AI demand as it posted a 91% surge in quarterly profit on Wednesday. But the Taiwanese partner to Apple (AAPL) also cut its full-year outlook, citing uncertainty around tariffs.
Read more: The latest on Trump's tariffs
Earnings season elsewhere continued to show strain from trade tensions. American Eagle (AEO) became the latest company to withdraw guidance due to "macro uncertainty" on Tuesday, and the clothing retailer's stock tumbled in premarket trading.
In Japan, Sony (SONY) said it expects a $700 million impact from US tariffs and offered a disappointing forecast that wipes out its expected rise in profit.
Stocks have roared back in recent weeks as the US tariff escalation has reversed. Some on Wall Street have taken the rally a step further by boosting their year-end targets for the S&P 500.
BMO chief investment strategist Brian Belski isn't budging, though. At least not yet. Here are three things Belski is watching for to confirm things are continuing to get more bullish for stocks in what Belski now believes has shifted from a "scare me" market to a "show me" market.
Nvidia (NVDA) stock jumped 1.9% early Wednesday, extending its gain from the prior day when shares rose nearly 6% and the AI chipmaker's market cap surpassed $3 trillion for the first time since February.
The gains come as US chipmakers, including Nvidia, announced billions of dollars worth of deals with Saudi Arabia during an investment forum attended by President Trump on Tuesday.
Nvidia said it will supply several hundreds of thousands of its AI chips to Saudi Arabia's AI venture Humain over the next five years. Humain is a new AI venture owned by Saudi Arabia's $925 billion Public Investment Fund.
Bank of America (BAC) analysts estimated the total value of the deal is $7 billion and raised its price target on Nvidia stock to $160 from $150 in a note to investors Wednesday morning.
The AI chipmaker's Saudi Arabia deal helped brighten Wall Street's outlook for its sales abroad just after Trump banned exports of its chips f China, but his administration looked to ease Biden-era restrictions on Nvidia's exports to the rest of the world (including the Middle East).
The Department of Commerce on Tuesday announced that it had initiated the rescission of Biden's AI Diffusion rule.
Read the full story here.
Tesla (TSLA) stock chugged higher at the open on Wednesday after a Financial Times report that the EV maker's board is once again exploring how to compensate CEO Elon Musk.
But while a new pay package may be in the works, it doesn't come without controversy surrounding the CEO and Tesla board of directors, as Yahoo Finance's Pras Subramanian reports:
Read more here.
US stocks searched for a footing on Wednesday after the S&P 500 (^GSPC) erased its losses for 2025 and Wall Street continued to debate the state of play on tariffs.
The S&P 500 (^GSPC) rose 0.2%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4% while the Dow Jones Industrial Average (^DJI) popped 0.2%.
Nvidia (NVDA) continued its recent rally, rising more than 3%.
Shares of AI leaders and chipmakers moved higher on Wednesday morning as easing trade tensions and new chip deals with Saudi Arabia lifted hopes for the tech sector.
Here's a look at some of the top tickers trending in premarket trading:
Super Micro Computer (SMCI) stock soared more than 17% on Wednesday, adding on to Tuesday's 16% gain, after Raymond James initiated coverage with an Outperform rating and $41 price target on shares. Raymond James said the company has 'emerged as a market leader in AI-optimized infrastructure,' even as the stock has been highly volatile so far this year.
Nvidia (NVDA) shares extended their rally on the back of thawing trade tensions and a new chip deal with Saudi Arabia. The chipmaker's stock added 3% premarket and is set to put Nvidia's market capitalization more firmly over the $3 trillion mark.
Tesla (TSLA) stock rose nearly 3%, adding to the week's gains. The Financial Times reports that Tesla's board has formed a special committee to explore an alternative pay package for CEO Elon Musk as the company and Musk remain locked in a legal battle in Delaware over Musk's compensation.
Advanced Micro Devices (AMD) stock jumped 4% after President Trump touted new Saudi investment deals with US chipmakers and chip designers. AMD reportedly struck a $10 billion deal with Humain, an AI startup backed by Saudi Arabia's sovereign wealth fund.
Sony (SONY) reported a weaker-than-expected financial outlook for the year and cautioned that it expects a $700 million headwind from tariffs. The PlayStation maker also beat on earnings estimates, announced a share buyback plan, and shared more details about the partial spin-off of its financial unit. US-listed shares of Sony were up over 5%.
American Eagle (AEO) warned its first quarter earnings may disappoint.
Shares of the retailer tumbled more than 11% in premarket trading after the company pulled its 2025 financial outlook and said it would write down $75 million in excess spring and summer inventory.
The company said Tuesday that it expects same-store sales to fall 3% to $1.1 billion in the first quarter. It also anticipates an adjusted operating loss of about $68 million as its strategies did not drive the results it expected.
The Pittsburgh company withdrew its guidance for the year, citing macro uncertainty.
Read more here.
The dollar extended declines on Wednesday morning, following a significant move lower overnight, as inflation and trade tensions eased.
The US dollar index (DX-Y.NYB), which tracks the dollar against a basket of currencies, fell 0.41% to 100 as the Japanese yen and South Korean won strengthened.
Reuters reports:
Read more here.
Economic data: MBA Mortgage applications (week of May 9)
Earnings: Sony (SONY), Tencent (TCEHY), Cisco (CSCO), CoreWeave (CRWV), Jack in the Box (JACK)
Here are some of the biggest stories you may have missed overnight and early this morning:
China deal has Wall Street scaling back recession calls
Nvidia partner Foxconn cuts outlook, citing tariffs
Tariffs still 'huge nightmare' for small biz despite truce
What to watch out for after the US-China deal
Chinese sites offer discounts of up to $351 on Apple's latest iPhones
Sony warns of profit wipeout on $700M tariff hit
Social Security confusion: Yahoo Finance readers speak out
Tesla board explores new pay deal for CEO Musk: FT
Shares of Super Micro Computer (SMCI) jumped almost 10%, poised to extend sharp gains booked in Tuesday's big tech rally.
The AI server maker was also basking in an Outperform rating from Raymond James analysts as they initiated coverage of the stock, calling Super Micro a "market leader".
Reuters reports:
Read more here.
Yahoo Finance's Josh Schafer reports:
Read more here.
Reuters reports:
eToro Group is planning to raise around $620 million in an upsized U.S. initial public offering (IPO) priced above market range, the company said on Tuesday.
The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 apiece, above its target range of $46 to $50.
The stock is expected to begin trading on the Nasdaq Global Select Market under the symbol "ETOR" on Wednesday, May 14.
Read more here.
Stocks have roared back in recent weeks as the US tariff escalation has reversed. Some on Wall Street have taken the rally a step further by boosting their year-end targets for the S&P 500.
BMO chief investment strategist Brian Belski isn't budging, though. At least not yet. Here are three things Belski is watching for to confirm things are continuing to get more bullish for stocks in what Belski now believes has shifted from a "scare me" market to a "show me" market.
Nvidia (NVDA) stock jumped 1.9% early Wednesday, extending its gain from the prior day when shares rose nearly 6% and the AI chipmaker's market cap surpassed $3 trillion for the first time since February.
The gains come as US chipmakers, including Nvidia, announced billions of dollars worth of deals with Saudi Arabia during an investment forum attended by President Trump on Tuesday.
Nvidia said it will supply several hundreds of thousands of its AI chips to Saudi Arabia's AI venture Humain over the next five years. Humain is a new AI venture owned by Saudi Arabia's $925 billion Public Investment Fund.
Bank of America (BAC) analysts estimated the total value of the deal is $7 billion and raised its price target on Nvidia stock to $160 from $150 in a note to investors Wednesday morning.
The AI chipmaker's Saudi Arabia deal helped brighten Wall Street's outlook for its sales abroad just after Trump banned exports of its chips f China, but his administration looked to ease Biden-era restrictions on Nvidia's exports to the rest of the world (including the Middle East).
The Department of Commerce on Tuesday announced that it had initiated the rescission of Biden's AI Diffusion rule.
Read the full story here.
Tesla (TSLA) stock chugged higher at the open on Wednesday after a Financial Times report that the EV maker's board is once again exploring how to compensate CEO Elon Musk.
But while a new pay package may be in the works, it doesn't come without controversy surrounding the CEO and Tesla board of directors, as Yahoo Finance's Pras Subramanian reports:
Read more here.
US stocks searched for a footing on Wednesday after the S&P 500 (^GSPC) erased its losses for 2025 and Wall Street continued to debate the state of play on tariffs.
The S&P 500 (^GSPC) rose 0.2%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4% while the Dow Jones Industrial Average (^DJI) popped 0.2%.
Nvidia (NVDA) continued its recent rally, rising more than 3%.
Shares of AI leaders and chipmakers moved higher on Wednesday morning as easing trade tensions and new chip deals with Saudi Arabia lifted hopes for the tech sector.
Here's a look at some of the top tickers trending in premarket trading:
Super Micro Computer (SMCI) stock soared more than 17% on Wednesday, adding on to Tuesday's 16% gain, after Raymond James initiated coverage with an Outperform rating and $41 price target on shares. Raymond James said the company has 'emerged as a market leader in AI-optimized infrastructure,' even as the stock has been highly volatile so far this year.
Nvidia (NVDA) shares extended their rally on the back of thawing trade tensions and a new chip deal with Saudi Arabia. The chipmaker's stock added 3% premarket and is set to put Nvidia's market capitalization more firmly over the $3 trillion mark.
Tesla (TSLA) stock rose nearly 3%, adding to the week's gains. The Financial Times reports that Tesla's board has formed a special committee to explore an alternative pay package for CEO Elon Musk as the company and Musk remain locked in a legal battle in Delaware over Musk's compensation.
Advanced Micro Devices (AMD) stock jumped 4% after President Trump touted new Saudi investment deals with US chipmakers and chip designers. AMD reportedly struck a $10 billion deal with Humain, an AI startup backed by Saudi Arabia's sovereign wealth fund.
Sony (SONY) reported a weaker-than-expected financial outlook for the year and cautioned that it expects a $700 million headwind from tariffs. The PlayStation maker also beat on earnings estimates, announced a share buyback plan, and shared more details about the partial spin-off of its financial unit. US-listed shares of Sony were up over 5%.
American Eagle (AEO) warned its first quarter earnings may disappoint.
Shares of the retailer tumbled more than 11% in premarket trading after the company pulled its 2025 financial outlook and said it would write down $75 million in excess spring and summer inventory.
The company said Tuesday that it expects same-store sales to fall 3% to $1.1 billion in the first quarter. It also anticipates an adjusted operating loss of about $68 million as its strategies did not drive the results it expected.
The Pittsburgh company withdrew its guidance for the year, citing macro uncertainty.
Read more here.
The dollar extended declines on Wednesday morning, following a significant move lower overnight, as inflation and trade tensions eased.
The US dollar index (DX-Y.NYB), which tracks the dollar against a basket of currencies, fell 0.41% to 100 as the Japanese yen and South Korean won strengthened.
Reuters reports:
Read more here.
Economic data: MBA Mortgage applications (week of May 9)
Earnings: Sony (SONY), Tencent (TCEHY), Cisco (CSCO), CoreWeave (CRWV), Jack in the Box (JACK)
Here are some of the biggest stories you may have missed overnight and early this morning:
China deal has Wall Street scaling back recession calls
Nvidia partner Foxconn cuts outlook, citing tariffs
Tariffs still 'huge nightmare' for small biz despite truce
What to watch out for after the US-China deal
Chinese sites offer discounts of up to $351 on Apple's latest iPhones
Sony warns of profit wipeout on $700M tariff hit
Social Security confusion: Yahoo Finance readers speak out
Tesla board explores new pay deal for CEO Musk: FT
Shares of Super Micro Computer (SMCI) jumped almost 10%, poised to extend sharp gains booked in Tuesday's big tech rally.
The AI server maker was also basking in an Outperform rating from Raymond James analysts as they initiated coverage of the stock, calling Super Micro a "market leader".
Reuters reports:
Read more here.
Yahoo Finance's Josh Schafer reports:
Read more here.
Reuters reports:
eToro Group is planning to raise around $620 million in an upsized U.S. initial public offering (IPO) priced above market range, the company said on Tuesday.
The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 apiece, above its target range of $46 to $50.
The stock is expected to begin trading on the Nasdaq Global Select Market under the symbol "ETOR" on Wednesday, May 14.
Read more here.
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