All three major indices were green in midday trading Wednesday as the S&P 500 and Nasdaq 100 looked to snap their four-day losing streaks. NVIDIA Corp. (NASDAQ:NVDA) shares led the tech sector higher as investors anticipated the tech giant's quarterly earnings release after the closing bell.
"Nvidia is the bellwether and market-darling stock that is of vital importance to the broader markets. Its performance provides meaningful guidance for the broader market tone. The importance for the tech sector cannot be understated," said SWBC chief investment officer Chris Brigati, per CNBC.
Read Next: Tesla Competes Against Chinese Rivals ‘With One Hand Tied Behind Its Back’: Analyst
Mortgage rates fell further last week to 6.88%, according to the Mortgage Bankers Association and sales of new single-family homes in the U.S. dropped 10.5% from the previous month to 657,000 in January, below market expectations of 680,000, as tracked by Trading Economics.
The yield on the U.S. 10-year Treasury note held around 4.3% Wednesday after declining for five sessions in a row. Investors awaited key economic data including the second estimate of fourth-quarter GDP growth on Thursday and the PCE price index report on Friday. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rose 0.14% to $91.55.
Bitcoin (CRYPTO: BTC) continued to trade below the $88,000 mark after U.S. spot Bitcoin ETFs saw record outflows of $1 billion on Tuesday, the largest daily net outflows since their inception.
| Major Indices | Price | 1 day % chg. |
| Nasdaq 100 | 19,277.59 | 1.33% |
| S&P 500 | 6,005.86 | 0.85% |
| Dow Jones | 43,759.51 | 0.32% |
| Russell 2000 | 2,192.06 | 1.01% |
According to Benzinga Pro data:
Shares of Super Micro Computer, Inc. (NASDAQ:SMCI) soared Wednesday after the company submitted its long-delayed financial reports just under Tuesday’s Nasdaq-imposed deadline. SMCI had been under pressure after losing its previous auditor Ernst & Young and weaknesses in internal controls was discovered. The fresh audit from BDO confirmed the company’s numbers and also flagged governance issues.
Stocks reacting to company earnings reports included:
Companies reporting after Wednesday's closing bell include:
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