Stock Market Today: Major Indexes Surge Ahead of Nvidia Earnings as Oil Prices Plunge; Dow Adds 550 Points; Bond Yields Pull Back

U.S. stock indexes rallied Wednesday ahead of Nvidia’s eagerly awaited quarterly earnings report, with the tech-heavy Nasdaq Composite up 1.3%, the Dow Jones Industrial Average gaining 550 points (1.1%), and the S&P 500 rising 0.9%. Nvidia, the world’s most valuable public company with a $5.34 trillion market cap, is set to release its Q1 FY2027 results after market close, drawing heavy investor focus. Shares of Nvidia climbed 1.7% in premarket trading, while most of its Magnificent Seven peers advanced, except Apple, which closed lower Tuesday. Oil prices dropped sharply as reports suggested the U.S. was in final negotiations with Iran to end hostilities, with West Texas Intermediate futures falling 5.5% to $98.40 per barrel and Brent crude declining 5.6% to $105. The 10-year Treasury yield also fell to 4.58%, down from Tuesday’s peak of 4.69%, easing pressure on mortgage rates. Meanwhile, gold futures rose 0.6% to $4,535 an ounce, and Bitcoin traded around $77,400, while the U.S. dollar index dipped slightly to 99.14. Post-earnings moves saw mixed results in other sectors, with TJX surging 5.5%, CAVA Group up 3.5%, and Lowe’s gaining less than 1%. Conversely, Hasbro fell 7.5%, Analog Devices dropped 6%, Target declined 5%, and VF Corp slipped 4.5%. Intuit also pulled back 3.5% ahead of its own earnings report. The S&P 500’s Consumer Discretionary sector led gains, rising 2.2%, while energy stocks underperformed amid falling oil prices. Investors also watched for potential mega IPOs, with reports that SpaceX could file a prospectus as early as Wednesday and OpenAI possibly filing by Friday. The broader market rally reflected optimism ahead of Nvidia’s earnings, alongside easing geopolitical tensions in the Middle East and a pullback in bond yields.