S&P 500 climbs as investors weigh fresh tariff jitters, tech rebound

Investing.com - The S&P 500 climbed Wednesday, as investors bought the recent dip in tech ahead of quarterly earnings from artificial intelligence-darling Nvidia (NASDAQ:NVDA), though fresh tariff concerns limited upside momentum, 

At 1:12 p.m. ET (18:12 GMT), the benchmark S&P 500 gained 0.2%, the tech-heavy Nasdaq Composite advanced 0.5%, and the 30-stock Dow Jones Industrial Average fell 0.3%, or 121 points.

Tariff jitters took some steam out of stocks after President Donald Trump said Mexico, Canada tariffs would go into effect on Apr. 2, Bloomberg reported.

Tech stocks rebounded from the soft start to the week as investors bought the recent dip, with Nvidia leading the charge up 4% ahead of its quarterly results due after the market closes. 

Nvidia is tipped to post overall fourth-quarter revenue of $38.25 billion, including $34.06 billion in sales at its crucial data center business, according to Bloomberg consensus estimates. For the first quarter, the company is expected to guide for a top-line total of $42.26 billion.

"Further, we believe investors are expecting CQ1 guidance of sales flat to up a few percentage points (below the sellside consensus of 10% q/q sales growth)," Truist Securities said in a recent report.

As well as Nvidia, Super Micro Computer (NASDAQ:SMCI) surged to help lift chip stocks after it filed its delayed financial reports. The filings will keep the group compliant with Nasdaq index requirements.

On the earnings front, Lowe’s (NYSE:LOW) gained more than 3% after reporting fourth-quarter adjusted earnings per share that topped consensus estimates, as the home improvement chain said it was boosted by its strategy to increase market share by selling to both retail and professional customers.

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Workday (NASDAQ:WDAY) shares spiked by more than 6% after the AI-powered enterprise management platform reported fourth-quarter earnings and revenue that exceeded analyst expectations, while also providing robust guidance for the upcoming fiscal year.

Shares in AppLovin (NASDAQ:APP) tumbled 11% after Culper Research disclosed a short position in the stock.

Global payments group Flywire 's (NASDAQ:FLYW) stock price sank by more than 41% after it posted weaker-than-anticipated fourth-quarter revenue. 

General Motors (NYSE:GM) shares jumped more than 4% after the carmaker announced a new $6 billion share repurchase authorization and a dividend increase of $0.03 per share.

Instacart ( Maplebear Inc.) (NASDAQ:CART) fell more than 11% after reporting Q4 revenue and adjusted EBITDA guidance for the current quarter that fell short of investor expectations.

 

(Scott Kanowsky contributed to this story)

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