All three major U.S. stock indexes rose, with the Nasdaq enjoying the largest percentage gain.

Wall Street extended its tech-led rally on Wednesday ahead of Nvidia’s quarterly results, touching two-week highs as worries over artificial intelligence disruption and costs took a back seat to renewed optimism over the nascent technology’s potential benefits. All three major U.S. stock indexes rose, with the Nasdaq, powered by chips, enjoying the largest percentage gain as markets near the end of a tumultuous month, marked by concerns over massive investment in AI infrastructure and the extent to which it could disrupt myriad industries. “What we’re seeing today and over the course of the last month and a half is a bit of ’buy on the dip’ mentality,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. “You go through a selloff of these high-flying tech stocks, and at some point, investors determine ‘enough.’” “While some of those concerns that drove the stocks down are probably legitimate and will materialize, the timing of their impact is very unpredictable and the severity is likely exaggerated,” Pursche added. Richmond Fed President Tom Barkin chimed in on the issue, saying it is not clear that the AI rollout will displace workers, adding the technology could enable workers and help the job market become more efficient. The Philadelphia SE Semiconductor index was up 1.8 per cent ahead of Nvidia’s earnings, expected after the closing bell. Nvidia, at the forefront of the AI revolution, is expected to post year-on-year earnings growth of 72.2 per cent on revenue of US$66.2-billion, according to analyst estimates compiled by LSEG, as the chip maker continues to benefit from the rush to invest in AI-related infrastructure. The company’s shares were up 2.2 per cent in anticipation of its quarterly report. Nvidia options imply a move of about 5.6 per cent in either direction on Thursday, following the company’s results. The S&P Software & Services index, bouncing back from its 23-per-cent year-to-date slump, was a clear outperformer, jumping 2.8 per cent. The Dow Jones Industrial Average rose 284.51 points, or 0.58 per cent, to 49,459.01, the S&P 500 gained 53.94 points, or 0.78 per cent, to 6,944.01 and the Nasdaq Composite gained 283.51 points, or 1.24 per cent, to 23,147.19. Among the 11 major sectors in the S&P 500, tech stocks led the percentage gainers, while real estate stocks suffered the steepest loss. Axon Enterprise jumped 18.1 per cent after the Taser-maker beat fourth-quarter profit estimates. Both First Solar and Lowe’s Companies provided weaker-than-expected annual sales guidance, sending their shares down 14.4 per cent and 4.5 per cent, respectively. After Lowe’s disappointing report, housing and home builders were clear underperformers, down 3.1 per cent and 4 per cent respectively, despite the 30-year fixed mortgage contract rate dipping to a 3-½-year low last week, according to the Mortgage Bankers Association. On the staples side, the weakest stocks were alcohol producers with Brown-Forman off 9 per cent and Molson Coors down 5.2 per cent, after London-listed Johnnie Walker and Guinness maker Diageo projected a 2-per-cent to 3-per-cent organic sales decline in 2026 and cut its interim dividend in half. GoDaddy tumbled 15.5 per cent after the internet services provider forecast annual revenue below Wall Street expectations. Considering recent volatility in software stocks, results from Salesforce, Intuit and Snowflake will likely be subject to added scrutiny. Advancing issues outnumbered decliners by a 1.56-to-1 ratio on the NYSE. There were 489 new highs and 87 new lows on the NYSE. On the Nasdaq, 3,075 stocks rose and 1,576 fell as advancing issues outnumbered decliners by a 1.95-to-1 ratio. The S&P 500 posted 46 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 114 new highs and 90 new lows.

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