S&P Enjoys Second Straight Gain

U.S. equities rose on Wednesday, supported by Nvidia and Oracle, as stocks built on the gains from the prior trading day.

The Dow Jones Industrial Average leaped 239.07 points to 49,413.57

The S&P 500 index gained 49.37 points to 6,939.44.

The NASDAQ flew 262.59 points, or 1.2%, to 23,126.14.

Nvidia was up more than 1% ahead of its earnings report, which is scheduled to be released after the bell along with results from software giant Salesforce and Snowflake.

Nvidia’s report comes at a time when investors are recalibrating lofty tech stock valuations and growing skeptical on hyperscalers’ high AI capital expenditures.

Fellow artificial intelligence player Oracle jumped more than 4%, leading the continued bounce in software stocks, after the name was upgraded at Oppenheimer, which sees a “favorable” risk-reward profile in the wake of its recent pullback.

Software and cybersecurity stocks also saw a relief rally in the regular session after Anthropic launched a new connectors and plugins for its knowledge worker tool, Claude Cowork, that will allow companies to connect the AI tool to their existing apps such as Google Drive. Claude Cowork rattled the software sector in recent weeks as investors feared the tool would disrupt incumbent software vendors’ businesses.

Prices for the 10-year Treasury gained, lowering yields to 4.05% from Tuesday’s 4.04%. Treasury prices and yields move in opposite

directions.

Oil prices dipped 14 cents to $65.49 U.S. a barrel.

Gold prices shone brighter $59.80 to $5,230.10 U.S. an ounce.