Index Logs Record Close Ahead of Nvidia Earnings

Major U.S. equities indexes moved higher Wednesday as investors anticipated the release of a quarterly update from semiconductor giant Nvidia (NVDA) after the closing bell.

The S&P 500 gained 0.2%, sending the benchmark index to another all-time closing high. The tech-heavy Nasdaq was also up 0.2%, while the blue-chip Dow closed Wednesday’s session 0.3% higher. Recap Investopedia’s coverage of today’s trading here.

Nvidia shares, which are up about 35% this year so far to lead the Magnificent Seven group of big tech stocks, were about flat in the regular session. Detailed coverage of its earnings is available here.

Shares of Albemarle (ALB), the world’s largest lithium producer, jumped 7.5% to secure the S&P 500’s top daily performance. The move higher came a day after UBS upgraded Albemarle to “neutral” from “sell” and lifted its price target on the stock. Analysts cited an improving outlook for lithium prices in 2026 following recent production cutbacks in China. Albemarle and other lithium producers have been cutting costs and scaling back expansion plans as they navigate a prolonged slump in the price of the key battery component.

An upgrade from UBS also helped shares of casino operators. Analysts at the firm raised their view on Wynn Macau, a subsidiary of Wynn Resorts (WYNN) operating in the Asian gaming hotspot, to “buy” from “neutral.” UBS highlighted improved growth forecasts for Macau’s gross gaming revenue and suggested that high-end operators like Wynn are likely to sustain or increase their market share in the special administrative region. Wynn Resorts shares gained 3.5%, while shares of fellow Macau-exposed gaming companies MGM Resorts International (MGM) and Caesars Entertainment (CZR) were also up more than 3%.

Database software firm MongoDB (MDB) reported better-than-expected sales and profits for its fiscal second quarter and increased its full-year outlook, and its shares skyrocketed roughly 38%. Strong customer additions and subscription revenue growth underpinned the company’s performance. The report helped boost the shares of other database software firms, including those of service analytics specialist Datadog (DDOG), which advanced 4.3%.

Paramount Skydance (PSKY) shares dropped 6.5%, falling the most of any S&P 500 constituent on Wednesday. The stock has seen significant volatility since the completion of the merger between Skydance Media and Paramount Global earlier this month. The latest move lower came after Morgan Stanley trimmed its price target on Paramount Skydance stock, citing a steep valuation and muted growth expectations for adjusted operating income.

BofA Securities analysts downgraded SBA Communications (SBAC) to “neutral” from “buy” and cut their price target on shares of the wireless infrastructure real estate investment trust. The downgrade came after DISH TV operator EchoStar (SATS) said that it sold 50 megahertz of its nationwide low- and mid-band spectrum allocations to AT&T (T). Analysts believe the move suggests that AT&T could scale back its network densification efforts, which would have a negative impact on SBAC’s business. SBAC shares lost 4.9% on Wednesday.

Shares of J.M. Smucker (SJM) sank 4.4% after the food and beverage manufacturer reported a loss for its fiscal first quarter. The company said tariff-related pressure on its U.S. retail coffee division—home to the Folgers, Dunkin’, and Café Bustelo brands—weighed on its performance. An executive said Smucker is planning addition price hikes for its coffee products later this year. A 50% tariff imposed by the Trump administration on certain imports from Brazil, the world’s largest coffee producer, took effect earlier this month.