New York, Feb 25, 2026, 14:02 EST — Regular session
- Chipmakers and tech stocks led U.S. equities higher, as investors positioned ahead of Nvidia’s earnings due after the close.
- Weekly oil stockpile numbers and a five-year Treasury note auction were the main items on the U.S. calendar.
- Forecasts and earnings pushed Lowe’s, Workday, GoDaddy, and Axon in different directions.
Stocks in the U.S. climbed Wednesday, with both the S&P 500 and Nasdaq reaching their highest levels in two weeks as traders looked ahead to Nvidia’s earnings after the bell. At 11:44 a.m. ET, the S&P 500 rose 0.67%, the Nasdaq jumped 1.07%, and Nvidia tacked on 2.2%. The Philadelphia SE Semiconductor Index set a new record. “The focus on AI will continue into Nvidia’s earnings announcement,” said Bob Savage, head of markets macro strategy at BNY. Reuters
The advance is grabbing attention as traders weigh whether the AI-fueled surge still has legs or if those hefty spending plans are starting to come apart. “AI is the dominant theme and what’s moving the market more than anything right now,” said Aaron Schaechterle, portfolio manager at Janus Henderson Investors. Yields on the benchmark 10-year U.S. note ticked up to 4.046%; remember, a basis point is one-hundredth of a percentage point. Reuters
Despite the rebound, investors find themselves tangled in policy chatter and a muddier rate outlook than what they thought they had going into the end of last year. According to a Reuters poll, equity strategists now see the S&P 500 landing at 6,600 by the close of 2026—down from the earlier consensus of 6,800—as forecasts feel the drag from trade jitters and stubborn inflation trends.
Weekly oil stockpile numbers out of the U.S. surprised, with crude inventories jumping by 16 million barrels—ten times the 1.5 million-barrel increase analysts had penciled in. Oil prices eased. By 11:16 a.m. ET, Brent was off 12 cents at $70.65, while WTI slipped 26 cents to $65.37.
The Energy Information Administration posted its weekly petroleum data for the period ended Feb. 20, marking the report as of Feb. 25. According to the agency’s website, the next update lands March 4.
Rates desks were watching supply, too. The Treasury’s tentative calendar listed a five-year note auction set for Wednesday, settling March 2 — a midweek offering traders often eye for signals on appetite for U.S. government paper.
Axon Enterprise shares surged as the Taser manufacturer delivered stronger-than-expected fourth-quarter earnings and projected revenue roughly matching forecasts. The company noted, according to Reuters, that tariffs on goods from Mexico and Vietnam would likely squeeze its gross margin.
Shares of Workday dropped after the enterprise software firm projected fiscal 2027 subscription revenue would miss Wall Street’s expectations and announced plans to eliminate roughly 1,750 positions. Reuters said the company has been ramping up its push into AI, underscored by its acquisition of contract-management startup Evisort.
Shares of GoDaddy slipped after the internet services firm projected full-year revenue that missed analyst estimates, despite heavy promotion of its new “Airo” AI offerings. Meanwhile, competitor Wix bumped up its own guidance, highlighting the intensifying battle for small-business website customers, according to Reuters. Reuters
Lowe’s put out a full-year outlook that missed expectations on both sales and profit, blaming hesitant consumers who are holding off on major home projects amid a weak housing backdrop. CEO Marvin Ellison cited elevated interest rates and murkiness around tariffs as key issues. Shares dropped roughly 5% early in the session.
TJX, which runs TJ Maxx and Marshalls, took a careful stance on its full-year sales and profit outlook. Still, shares climbed following a better-than-expected holiday quarter. The off-price retail giant also set out a fresh $3 billion buyback plan, according to Reuters.
But Nvidia remains the squeeze point. A miss on guidance from the chipmaker—or any sign the market senses AI demand cooling—and that same tech-dominated momentum driving indexes higher could just as quickly pull them back down.
Next up, Nvidia steps into the spotlight after the bell—Wall Street wants to see its report, plus results coming from Salesforce and Zoom, and fresh words from Fed officials Thomas Barkin, Jeffrey Schmid, and Alberto Musalem. According to Reuters’ Morning Bid, Nvidia is seen projecting first-quarter revenue of roughly $72 billion, a hefty 64% climb. Investors are also eyeing how Nvidia stacks up against Alphabet and AMD.
