You know that feeling right before a big announcement? The market had it on Wednesday. With the clock ticking down to Nvidia Corp. (NVDA)'s earnings report after the close, investors decided to lean into the optimism, sending stocks and cryptocurrencies higher in a classic pre-game rally.
The Invesco QQQ Trust (QQQ), a proxy for tech, jumped 1.2% as the Nasdaq 100 climbed to 25,280 points. The broader market joined in, with the S&P 500 up 0.7% to 6,941.26—lingering less than 1% below its record high. The Dow Jones Industrial Average added 0.6%, while small caps, as measured by the Russell 2000, trailed with a modest 0.2% gain.
It was a day for growth. The Technology and Financials sectors led the charge, while more defensive areas like Energy and Consumer Staples lagged. The real story, though, was in software. The group extended its rebound for a second day, making it the top-performing industry. All eyes were also on Salesforce Inc. (CRM), which, despite being down about 25% for the year, was set to report its own results after the bell.
Beyond the sector moves, it was a stock-picker's paradise (or nightmare, depending on your portfolio). On the winning side, CAVA Group, Inc. (CAVA) soared 25.05% and Everus Construction Group, Inc. (ECG) rocketed 31.58%. On the losing end, GoDaddy Inc. (GDDY) tumbled 17.05%, First Solar, Inc. (FSLR) fell 12.24%, and CoStar Group, Inc. (CSGP) dropped 10.98%.
Even the commodity markets got in on the act. Gold gained 1.4% to trade above $5,200 an ounce, and silver, the more volatile sibling, surged 4% to $90.
But all these moves felt like the opening acts. The main event was, and is, Nvidia. The market is holding its breath for confirmation that the AI-driven earnings engine is still roaring. This report isn't just about one chipmaker; it's viewed as the key catalyst that could set the tone for the entire technology sector as we head toward the end of the month.
Crypto Catches the Risk-On Bug
If you wanted further proof that investors were in a buying mood, you didn't need to look further than digital assets. Cryptocurrencies, often a barometer for speculative appetite, mirrored the stock market's optimism.
- Bitcoin (BTC) jumped over 7%, marking its best session in three weeks.
- Ethereum rallied 11%.
- Cardano surged 14%.
The move higher got an extra boost from strong earnings at Circle Internet Group, Inc. (CRCL), which runs a key piece of crypto infrastructure. Its shares rallied 29%, fueling fresh optimism about the digital asset ecosystem.
