Wall Street rebounds as tech stocks lead the charge, with investors eyeing Nvidia's earnings report and positive corporate news. (AP/Seth Wenig)

- Super Micro Computer surges 23% after filing delayed annual report, boosting investor confidence.
- General Motors announces $6 billion stock buyback program and increases dividend, driving shares up 6.9%.
- NRG Energy jumps 10.3% on new AI data center power venture and strong quarterly results.
Share
NEW YORK — U.S. stock indexes are rising Wednesday after a four-day losing streak knocked Wall Street off its all-time high and threw some of its brightest stars into reverse.
The S&P 500 was up 0.8% in morning trading. The Nasdaq composite, which was the prior day’s biggest loser, jumped 1.2%, while the Dow Jones Industrial Average was up 188 points, or 0.4%, as of 10:20 a.m. Eastern time.
The stock market had been struggling following some weaker-than-expected reports on the economy, including a couple that showed U.S. households are getting more pessimistic about inflation and tariffs pushed by President Donald Trump. Some of the harshest drops hit Big Tech and other high-growth stocks, whose incredible momentum had earlier seemed unstoppable.
Super Micro Computer Surges After Filing Annual Report
Super Micro Computer, one of the stocks that’s soared in the frenzy around artificial-intelligence technology, lost nearly a quarter of its value over four days, for example. But it surged 23% Wednesday after finally filing its annual report for its fiscal year that ended in June.
The company, which sells servers used in AI and other computing, had delayed filing its annual report and other required forms after its former accounting firm raised concerns about some of its financial reporting and governance. Super Micro then had to get extensions from Nasdaq to file the financial reports as it conducted a review and hired another public accounting firm.
General Motors revved up by 6.9% after the automaker announced a program to buy back up to $6 billion of its stock. It also will send more cash to its shareholders by increasing its dividend.
Related Story: Poll: Most Americans Believe Mass Federal Layoffs Would Not Benefit Economy
Nvidia in Focus Ahead of Earnings Report
Much of market’s attention remained on Nvidia, the chip company that’s become the poster child of the AI rush. It rose 3.4% ahead of its latest profit report, which is due after trading ends for the day.
It will be the first earnings report for the company and its CEO, Jensen Huang, since a Chinese upstart, DeepSeek, upended the AI industry by saying it developed a large language model that can compete with big U.S. rivals without having to use the most expensive chips. That called into question all the spending Wall Street had assumed would go into not only Nvidia’s chips but also the ecosystem that’s built around the AI boom, including electricity to power large data centers.
Some Big Tech companies have since said they still plan to invest billions of dollars into AI, an encouraging signal for the industry.
NRG Energy and TJX Report Strong Results
NRG Energy jumped 10.3% Wednesday after announcing it’s joining with GE Vernova and a subsidiary of Kiewit on a venture to generate more electricity to power generative AI data centers. GE Vernova rose 6.5%.
NRG also reported results for the latest quarter that topped analysts’ expectations. Most of the other companies in the S&P 500 have also been delivering better profits for the end of 2024 than analysts expected.
Off-price retailer TJX rose 1.5% after joining the parade. The company behind TJ Maxx and Marshalls also said it plans to increase its dividend 13% and announced a program to buy up to $2.5 billion of its stock.
Worries have been rising about whether U.S. shoppers may cut back on their spending given stubbornly high inflation and jitters about the economy’s prospects. But TJX CEO Ernie Herrman said his company has benefited from its off-price model and sees many opportunities to grow over the long term.
In the bond market, Treasury yields held steadier after falling sharply in recent days on worries about the U.S. economy.
Related Story: Small Businesses Drive the Economy. Yet Their Funding Is at Risk Under Trump.
The yield on the 10-year Treasury edged up to 4.31% from 4.30% late Tuesday. It had been nearing 4.80% just last month.
On Thursday, the U.S. Commerce Department will issue its third and final estimate of how the U.S. economy performed in the fourth quarter of 2024. The economy still appears to be in solid shape, and growth is continuing at the moment.
In stock markets abroad, indexes rose across much of Europe and Asia. France’s CAC 40 climbed 1.1%, and Hong Kong’s Hang Seng jumped 3.3%.
Tokyo’s Nikkei 225 index was an outlier and slipped 0.2%. Big Japanese trading companies slipped following gains driven by billionaire Warren Buffett’s disclosure in his annual letter to shareholders that he increased Berkshire Hathaway’s investments in those companies.
___
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
RELATED TOPICS:
Pope Francis to Be Released From Hospital Sunday After 5 Weeks Fighting Pneumonia
1 day ago
George Foreman, the Heavyweight Who Became a Beloved Champion, Dies at 76
1 day ago
America Is Aggravating the World’s Worst Humanitarian Crisis
1 day ago
Researchers Say US Government Tried to Erase Sexual Orientation From Findings
2 days ago
Pro-Palestinian Group Sues UCLA Over Handling of Demonstrations
2 days ago
Under Pressure From Trump, UC Abandons ‘Diversity Statement’ Requirement for Faculty
6 hours ago
Categories

Under Pressure From Trump, UC Abandons ‘Diversity Statement’ Requirement for Faculty

Three Killed, 15 Injured in a Shooting at a Park in New Mexico’s Las Cruces

Pope Francis to Be Released From Hospital Sunday After 5 Weeks Fighting Pneumonia

George Foreman, the Heavyweight Who Became a Beloved Champion, Dies at 76
