US Stocks Rebound Sharply Ahead of Nvidia Results, Ending Four-Day Slide

US stocks rebound on Wednesday as Nvidia advanced before its after-hours earnings report, breaking the market’s longest losing streak since August and putting AI momentum back at the center stage.

By mid-morning, the tone had turned decisively risk-on. As of 10:17 a.m. in New York, the S&P 500 rose about 1% after four straight declines that left the benchmark roughly 3% below its October peak. The Nasdaq 100 gained 1.5%, while a basket tracking the “Magnificent Seven,” including Apple and Meta, climbed about 2%. Nvidia, the market’s AI bellwether, added 3.2%, though the stock remained down nearly 8% for the month.

US stocks rebound as Nvidia climbs before earnings

The US stocks rebound was broad, with eight of the S&P 500’s 11 sectors moving higher. Communication services and technology led the advance. Semiconductors outperformed as the Philadelphia Stock Exchange Semiconductor Index rose 2.7%, powered by gains of more than 4% in Broadcom and Lam Research.

Retail showed a split tape. Target slipped 0.6% after the company trimmed its full-year profit outlook, while Lowe’s rallied nearly 3% on earnings that topped expectations, helped by stronger online sales and steady demand from professional contractors.

Wednesday’s US stocks rebound arrived after the benchmark index’s rough November-to-date, with the S&P 500 down about 3% and tracking for its worst November since 2008. The next test centers on whether artificial intelligence spending can sustain market leadership—or whether recent weakness reflects fading enthusiasm.

Market movers and sector performance

• S&P 500: up about 1% as of 10:17 a.m. ET
• Nasdaq 100: up 1.5%
• Magnificent Seven basket: up about 2%
• Nvidia: up 3.2% on the day; down almost 8% for the month
• Semiconductors: PHLX Semiconductor Index up 2.7%; Broadcom and Lam Research up more than 4%
• Target: down 0.6% after trimming its profit forecast
• Lowe’s: up nearly 3% on a profit beat driven by online and pro demand

What’s driving the US stocks rebound

At the heart of the US stocks rebound is anticipation for Nvidia’s results. Over the past several years, AI has been a key driver of market gains, and traders are looking to the chipmaker’s outlook to gauge whether corporate and cloud spending on AI remains resilient.

“Nvidia’s results are widely considered to be the most important catalyst of the week as any disappointment could amplify the recent selling pressure and weigh heavily on big tech, equities more broadly, and risk assets in general,” wrote Tom Essaye, founder of The Sevens Report newsletter.

The US stocks rebound also reflects a pullback from oversold levels after four consecutive down sessions, with investors selectively re-risking in technology and communication services ahead of the earnings print.

Nvidia’s outsized sway on indexes

Nvidia’s market footprint is significant. At nearly 8% of the S&P 500 by weight, the company has the capacity to swing major indexes. Derivatives positioning underscores that influence: over the next month, only the highly anticipated Dec. 10 Federal Reserve policy decision is expected to have a marginally bigger trading impact than Nvidia’s report, according to Piper Sandler.

Options markets are pricing a nearly 7% move in either direction for Nvidia around earnings. Index options imply the S&P 500 could move more than 1% on Thursday. Those expectations frame the risk for the broader tape: a strong update could extend the US stocks rebound, while any miss—real or perceived could quickly stall it.

Policy signals and data on deck

Macro catalysts are lining up alongside earnings. Minutes from the Federal Reserve’s October meeting are due Wednesday at 2 p.m. in Washington. On Thursday, investors will parse a long-delayed September US jobs report—released more than a month late following the government shutdown. Together, the minutes and labor data will guide expectations for how quickly the Fed continues interest-rate cuts.

This macro backdrop adds another layer to the US stocks rebound narrative: the balance between easing policy expectations and the durability of earnings-led growth in tech.

Beyond mega-cap tech: stock highlights

Away from the mega-cap complex, single-name moves were pronounced:

• Agios Pharmaceuticals tumbled nearly 45% after its Phase 3 trial of mitapivat in sickle-cell disease patients 16 and older met one primary endpoint but missed another.
• La-Z-Boy surged 19% after the furniture retailer reported second-quarter sales and adjusted earnings per share that beat Wall Street estimates.
• Plug Power sank 13% following plans for a private offering of $375 million in convertible senior notes due 2033.
• SEMrush Holdings soared 75%—on track for its biggest one-day gain on record going back to 2021—on a report that Adobe is nearing a $1.9 billion deal to acquire the company.

These outsized moves highlight how company-specific catalysts are adding to intraday volatility even as the US stocks rebound takes shape at the index level.

Outlook: Can the US stocks rebound hold?

Whether Wednesday’s momentum endures will likely hinge on Nvidia’s numbers and guidance. With options implying a sharp single-stock move and a potential ±1% swing for the S&P 500, traders are bracing for a decisive session. The Fed minutes and the delayed jobs report will quickly follow, offering fresh context for the rate path and risk appetite.

For now, the US stocks rebound has paused the market’s four-day slide, with leadership returning to technology and semiconductors. If AI spending proves resilient and policy signals remain supportive, bulls will look to build on the day’s gains. If not, the bounce could prove fleeting—especially with positioning still sensitive to big-tech earnings headlines.

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