Stocks climbed Wednesday as Wall Street awaited the latest quarterly figures from Nvidia, the high-flying chipmaker that's been bolstered by the artificial intelligence craze on Wall Street.
The Dow Jones Industrials gained 70.14 points to open Wednesday's trading at 34,358.97.
The S&P 500 index recovered 27.66 points to 4,387.65.
The tech-heavy NASDAQ index surged 147.84 points to 13,653.71.
Nvidia is slated to report second-quarter earnings after the bell. Analysts polled by Refinitiv expect the company to report sharp year-over-year spikes in profit and revenue for the second quarter. Nvidia is the best-performing S&P 500 stock of 2023, up more than 200%, as investors cheer the company's AI-related prospects.
Investors will look to the report for signs on whether the market can resume this year's move higher, or if the August downturn will be prolonged. The S&P 500 is down more than 4% this month. Shares rose slightly on Wednesday ahead of the release.
Major athletic goods retailers saw their shares drop on Wednesday.
Nike fell for a 10th straight day, its longest slide on record, losing 3%. Foot Locker shares plunged 34% after reporting shrinking sales and lowering its forecast for the second time this year, while athletic goods retailer Dick's Sporting Goods fell 24% in its worst daily performance ever after coming up short of Wall Street expectations on Tuesday.
Meanwhile, lifestyle apparel retailer Abercrombie & Fitch shares popped nearly 19% after flying past earnings and sales expectations for the quarter.
Beyond the earnings slated for Wednesday, investors will also be watching for economic data on new home sales and purchasing. They'll also be readying for the start of a two-day Federal Reserve symposium in Jackson Hole, Wyoming, beginning Thursday. Fed Chair Jerome Powell is expected to deliver remarks Friday.
Prices for the 10-year Treasury hiked, reducing yields to 4.23% from Tuesday's 4.33%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.35 to $78.29 U.S. a barrel.
Gold prices climbed $18.50 to $1,944.50 U.S. an ounce.