Wall Street rebounded on Wednesday as investors awaited an earnings report from AI chip giant Nvidia and minutes from the Federal Reserve’s October policy meeting.
Market participants processed the delayed US trade figures for August — the publication of which was held up due to a protracted government shutdown—while concurrently looking ahead to the release of a key jobs data on Thursday.
As the Federal Reserve is currently balancing the health of the labour market against inflationary risks while deliberating its next moves on interest rates, Thursday’s jobs numbers are expected to significantly influence the central bank’s policy direction.
At 9:43 AM ET, the Dow Jones Industrial Average rose 6.58 points, or 0.01%, the S&P 500 gained 28.31 points, or 0.43%, and the Nasdaq Composite gained 160.30 points, or 0.72%.
At the open, the Dow Jones Industrial Average rose 46.9 points, or 0.10%, to 46138.68. The S&P 500 rose 8.5 points, or 0.13%, to 6625.84, while the Nasdaq Composite rose 26.4 points, or 0.12%, to 22459.265.
Key Stock Movers
Nvidia shares gained 2.3% ahead of the chipmaker’s results.
Alphabet stock jumped 5%.
Shares in Target dropped marginally after the retailer reported a fall in quarterly sales.
Lowe’s shares advanced 3.2% after the retailer posted third quarter profit above expectations.
TJX stock added 0.3% as the TJ Maxx parent raised annual forecast.
Bullion Market
Gold prices climbed on Wednesday, as investors rushed to the safe-haven asset ahead of the release of the Fed minutes and delayed US employment data.
At 9:36 AM ET (1436 GMT), spot gold rose 1.2% at $4,116.26 per ounce. US gold futures for December delivery gained 1.3% to $4,117.10 per ounce.
Among other metals, spot silver gained 2.3% to $51.87 per ounce, platinum added 1.3% to $1,544.80, and palladium fell 0.5% to $1,396.50.
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