Nasdaq Surges 1.35% Higher While S&P Gains Nearly 1% as Oil Falls 5% and Traders Await Nvidia's Earnings

Tiger Newspress05-20 23:24

The S&P 500 moved higher on Wednesday, thanks in part to a decline in oil prices, as traders looked ahead to the release of Nvidia’s first-quarter earnings report.

The broad-based index rose 0.96%, while the Nasdaq Composite added 1.35%. The Dow Jones Industrial Average traded up 470 points, or 0.95%.

West Texas Intermediate futures shed 5% to trade around $98.92 per barrel. Brent crude pulled back 5.31% to around $105.37 a barrel.

Investors are turning their attention toward Nvidia, which reports its first-quarter earnings after the close. The report will be an important view into the artificial intelligence trade and provide the latest update on demand for chips. Shares of the company were last more than 1% higher.

Ben Snider, chief U.S. equity strategist at Goldman Sachs, noted that the chipmaker and AI darling has contributed about 20% of the S&P 500′s returns this year and almost that much of the broad market index’s earnings growth in 2026.

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