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Traders work on the floor of the New York Stock Exchange on May 28, 2025.
NYSE
S&P 500 futures rose Wednesday night, buoyed by a strong earnings report from artificial intelligence heavyweight Nvidia.
Futures tied to the broad market index rose 0.3%, while Nasdaq 100 futures gained 0.5%. Dow Jones Industrial Average futures slipped 15 points.
Nvidia shares jumped more than 4% in after-hours trading. The chipmaker reported exceeded expectations on the top and bottom lines in the first quarter, as its data center business recorded year-over-year growth of 73%.
"Wednesday's Nvidia earnings report is pivotal not just for Nvidia but for the entire stock market, as it can rejuvenate investor optimism across the board and help investors to focus on the power of AI and less on headlines out of Washington on tariffs and taxes," said James Demmert, chief investment officer of Main Street Research.
Separately, Salesforce shares rose about 1% after the software company posted better-than-expected fiscal first-quarter results and lifted its full-year forecast.
Stocks are coming off of a lackluster session Wednesday. The S&P 500 ended the day almost 0.6% lower, while the tech-heavy Nasdaq Composite lost 0.5%. The Dow Jones Industrial Average fell nearly 245 points, or 0.6%.
Major U.S. indexes are on track to close the week—and month—higher, however. The S&P 500 and 30-stock Dow are up 1.5% and 1.2% this week, respectively, while the Nasdaq has rallied nearly 2%. The tech sector has surged more than 10% in May, fueled by AI announcements from Big Tech player Alphabet.
This month, the S&P 500 has gained 5.7%. The Dow has added 3.5%, while the Nasdaq has jumped 9.5%.
The surge in stocks comes after President Donald Trump on Sunday walked back his threat to implement a 50% tariff on the European Union on June 1, delaying the date to July 9. Although investors cheered the news, critiques of Trump's tariffs have emerged given their wild effect on markets.
Nvidia's next key breakout level is $140 per share, says chief technical strategist
Larry Tentarelli, chief technical strategist and founder of the Blue Chip Daily Trend Report, sees substantial gains ahead for Nvidia this year.
Nvidia shares jumped nearly 5% in after-hours trading Wednesday after the chipmaker beat first-quarter earnings and revenue expectations, as its data center business saw booming growth even as China restrictions weighed on sales. The stock is up 23.8% this month, and is just 0.4% higher year to date. Shares last closed at $134.81.
"From a technical perspective, 140 is a key breakout level that we would like to see the stock close above in the next 2 days," Tentarelli said. "The stock is in an uptrend over rising 20, 50 and 200-day moving averages. This indicates an uptrend on multiple time frames. After a 43.4% correction earlier in 2025, the stock has reclaimed the daily moving averages and also a 50% retracement level of $119.86. We are bullish on Nvidia here."
Tentarelli's year-end price target of $165 per share suggests 22.4% potential upside.
— Pia Singh
Several stocks are moving in after-hours trading Wednesday, including Nvidia
Check out the companies making headlines after market close:
- Nvidia — The artificial intelligence chipmaker's shares jumped 5% after Nvidia reported better-than-expected quarterly results, as its data center business recorded year-over-year growth of 73%. Nvidia reported first-quarter adjusted earnings per share of 96 cents on revenue of $44.06 billion, higher than analysts' estimates for earnings of 93 cents a share on revenue of $43.31 billion, according to LSEG.
- C3.ai — The enterprise artificial intelligence software company saw its shares pop 14% on the back of a strong quarterly financial report. For its fiscal fourth quarter, C3.ai reported a loss of 16 cents per share, while analysts surveyed by LSEG forecasted a loss of 20 cents per share. C3.ai's revenue of $109 million for the period exceeded the consensus estimate of $108 million, per LSEG.
- Salesforce — Shares of the sales and customer service software maker rose about 1% after the company posted better-than-expected fiscal first-quarter results and lifted its full-year forecast. Salesforce reported earnings of $2.58 per share, excluding items, while analysts polled by LSEG expected $2.54 per share. The company's revenue of $9.83 billion beat analysts' consensus call for $9.75 billion.
For the full list, read here.
— Pia Singh
English (US)