NEW YORK — Wall Street is rising Wednesday as the pressure that’s built on stocks recently from the bond market relaxed a bit.
Nvidia, another one of the market’s most influential stocks, was 2% higher ahead of its profit report scheduled to come out after trading ends. It’s a pivotal test for the entire stock market because it could show whether the frenzy around artificial-intelligence technology that’s helped to lift Wall Street this year is deserved or overdone.
A big focus will be on what Nvidia says about its revenue for the current quarter. Expectations for that are even bigger. Analysts are forecasting its third-quarter revenue will more than double to $12.59 billion from a year earlier. A preliminary reading of U.S. services and manufacturing businesses eased to a six-month low, sending yields lower across the bond market. The measure of output from S&P Global Market Intelligence still indicated growth, but less as inflation and higher interest rates bite into activity.