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The S&P 500 rose on Wednesday, spurred by a jump in Alphabet shares, following a four-day slide centered around technology as investors moved back into the artificial intelligence trade and bet that Nvidia’s upcoming earnings would calm fears that AI stocks are overvalued and overhyped.
The Dow Jones Industrials index stumbled 63.68 points to 46,028.06.
The much broader index was above water 9.71 points to 6,627.03. Shares were rallying around optimism about its new generation of AI, Gemini 3, which it rolled out Tuesday.
The NASDAQ hung onto gains of 66.49 points to 22,499.31. Nvidia also saw gains, rising 2% ahead of its third-quarter results scheduled for after the bell.
Analysts largely expect that the company — the largest in the broad-market index — will meaningfully beat Wall Street’s expectations and forecast strong sales growth driven by demand for its AI chips and other infrastructure.
Prices for the 10-year Treasury edged up slightly, lowering yields to 4.11% from Tuesday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.69 to $59.15 U.S. a barrel.
Gold prices faded $5.60 to $4,060.90 U.S. an ounce.
