4:15pm: Big earnings due
Tech led the way on Wednesday as investors positioned themselves ahead of a wave of major earnings reports.
The Nasdaq jumped 1.3% to 23,152, adding 288 points, while the Dow Jones climbed 0.6% to 49,482, up 308 points. The S&P 500 rose 0.8% to 6,946, gaining 56 points, and the Russell 2000 added 11 points, finishing at 2,663.
Tech investors are keeping a close eye on Nvidia, which reports fourth-quarter results after the market closes. Wedbush expects Nvidia to beat estimates and guide higher, citing strong data points that suggest the outcome may already be largely anticipated. Wedbush projects 66% revenue growth year-on-year for Nvidia’s fiscal 2026, with the data center division alone forecast to generate nearly $191 billion.
Earnings from Salesforce (CRM) and Snowflake (SNOW) also land this afternoon, as investors reassess lofty tech valuations and weigh heavy AI-related spending by cloud providers.
Wednesday’s gains reflect a market that’s staying bullish on technology, even as analysts and investors scrutinize how AI investments are shaping the outlook for big names in the sector.
3:45pm: Proactive news headlines
- Tiziana Life Sciences Ltd (NASDAQ:TLSA) said new biomarker data show its experimental intranasal therapy reduces brain inflammation and promotes neuroprotective changes in patients with progressive multiple sclerosis.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF, FRA:A9J0) said recent drilling at the Philadelphia project identified low-grade gold within previously unrecognized fault structures in the Perry zone.
- Meren Energy Inc (TSX:MER, OTCQX:MRNFF, FRA:AFZ0) said its acquisition of Prime’s assets doubled its reserves and production, marking a transformative year of operational and financial growth.
- AFC Energy PLC (AIM:AFC, OTC:AFGYF, FRA:QC8) expects 2026 to convert its hydrogen project pipeline into contracts, signaling the start of sustained revenue growth.
- Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) strengthened its funding with a A$2.74 million R&D tax refund while advancing its clinical-stage immuno-oncology programs.
- DroneShield Ltd (ASX:DRO, OTC:DRSHF)’s full-year revenue soared 276% and net profit jumped 367%, reflecting strong global demand for counter-drone technology.
- PolarX Ltd (ASX:PXX, OTCQB:PXXXF)’s first-pass drilling at the Ridgeline prospect returned multiple high-grade gold intercepts, including a 37.29 g/t bonanza, prompting a major follow-up campaign.
3:15pm: Market movers
- Molson Coors Beverage Co (NYSE:TAP) was downgraded to “Underperform” by Bank of America after its fourth-quarter results, with analysts citing rising downside risk if U.S. beer demand weakens further or the company underperforms the category.
- Circle Internet Group shares jumped 23% after the USDC issuer reported a 77% surge in quarterly revenue and earnings that beat expectations, driven by strong demand for its stablecoin.
- Cava posted better-than-expected fourth-quarter earnings and issued an upbeat 2026 growth outlook, sending shares higher.
- Tiziana Life Sciences Ltd (NASDAQ:TLSA) reported new data showing its experimental intranasal therapy reduced brain inflammation and indicated neuroprotective effects in patients with progressive multiple sclerosis.
- Lowe's Companies Inc (NYSE:LOW) delivered stronger-than-expected fourth-quarter earnings but issued a cautious 2026 outlook, prompting a nearly 5% drop in its shares.
2:20pm: Salesforce faces AI reckoning
Salesforce Inc (NYSE:CRM, XETRA:FOO) reports its fourth-quarter results after the bell on Wednesday, and the timing could not be more charged. The stock has spent the better part of a year under sustained pressure from a narrative that artificial intelligence will hollow out the enterprise software market, rendering CRM platforms redundant.
Wall Street is expecting revenue of $11.19 billion and earnings per share of $3.05, alongside an operating margin of 34.1%. Ives characterizes all three as beatable, pointing to the company's current remaining performance obligation, the backlog metric that feeds future revenue recognition, as the key indicator of whether top-line growth is on track to reaccelerate toward double digits over the next 12 to 18 months.
Margin expansion and cash flow generation are the other variables. Salesforce has been investing across the business while absorbing the Informatica acquisition, and Ives believes the incremental synergies from that deal will add to the picture in coming quarters.
1:30pm: Nvidia due up
Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) reports fourth quarter results tonight after the market closes, and Wedbush fully expects Nvidia to beat estimates and guide above Street expectations, pointing to a set of data points that make the outcome feel close to predetermined.
Wedbush's own estimates assume revenue growth of 66% year-on-year for Nvidia's fiscal 2026, with the data centre division forecast to generate nearly $191 billion, according to the note. The broker has a fiscal 2027 EPS estimate of $7.23, to which it applies a 32 times multiple to arrive at its target.
That said, the GTC developer conference in March may matter as much as Wednesday's print, said the broker.
12:35pm: Bitcoin comeback
Optimism for a bitcoin comeback is surging as the cryptocurrency posts its strongest gain in nearly three weeks.
"The risk-on sentiment we are seeing in spades across indices was bound to spill over into this beaten-down asset, but even the highs of late January still seem a long way off," noted Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
Bitcoin prices have added around 5% this week.
11:35am: Circle, Cava soar
Circle Internet Group (NYSE:CRCL), the issuer of the world’s second-largest stablecoin, saw its shares surge 23% on Wednesday after reporting a strong fourth-quarter profit, driven by growing demand for its USDC stablecoin.
The company posted revenue of $770 million, beating analyst estimates of $744 million and marking a 77% increase from a year earlier. Adjusted earnings per share came in at $0.43, well above expectations of $0.16, while adjusted EBITDA reached $167 million, reflecting a margin of 54%.
USDC, Circle’s flagship stablecoin, grew to $75.3 billion in circulation at the end of the quarter, up 72% year-over-year.
Elsewhere, Cava (NYSE:CAVA) saw its shares rise 21% after reporting fiscal fourth quarter results that exceeded Wall Street expectations and issuing a positive growth forecast for 2026.
For the quarter ended December 28, the fast-casual Mediterranean chain posted earnings per share of $0.04, above analysts’ estimates of $0.03.
Revenue came in at $275 million, also exceeding the expected $268 million.
Same-store sales (SSS) grew 0.5% in the period, reversing expectations of a 1.1% decline, driven primarily by menu pricing and product mix, although foot traffic fell 1.4%.
10:45am: US stocks losing appeal?
Even as President Trump celebrated record highs in US markets during his State of the Union, global investors are quietly looking elsewhere. Nigel Green, CEO of the deVere Group, says the numbers tell a different story.
“President Trump is right to highlight record market levels. But markets are forward-looking mechanisms. When we examine capital flows rather than speeches, we see a clear and measurable broadening of exposure beyond the US,” Green explains.
Investor data show a major shift: European and Asian markets are outperforming, while the S&P 500 has barely moved this year. Fund managers are piling into eurozone assets, and underweight positions in US stocks have more than tripled.
Green points out that this isn’t about abandoning the US. “Investors aren’t reducing US exposure out of sentiment; they’re, sensibly, increasing diversification because risk-adjusted opportunities are broadening elsewhere,” he says.
The trend highlights a key takeaway for 2026: headline market highs don’t tell the full story. Global investors are betting on where growth and opportunities are heading—not just where the US market has been.
9.55am: Nasdaq leads at the open
US stocks have opened higher, led by a resurgence in tech stocks.
The Nasdaq has climbed 1.1%, with the S&P 500 rising 0.55% and the Dow Jones up 0.3%.
All but two of the Nasdaq's largest 20 stocks were in green, with Microsoft, Meta, Tesla, Broadcom, ASML, Micron, Netflix and Lam Research all up around 1-4%.
Top risers on the exchange including Axon Enterprise on the back of earnings, Strategy on the back of a bitcoin bounce, Western Digital and Seagate Technology up as storage companies get some support.
On the Dow, IBM and Visa were the top risers, rebounding from falls earlier in the week.
8.15am: Wall Street stocks set to rally further
US stocks are set to continue to rebound on Wednesday, after Donald Trump's State of the Union speech last night and ahead of key earnings from Nvidia and Salesforce this evening.
Nasdaq futures were in the lead ahead of the open, up 0.5%, while those for the Dow Jones and S&P 500 were both up 0.3%.
Wall Street staged a broad-based recovery in the previous session, led by gains for small caps and tech, with the Russell 2000 climbing 1.2% and the Nasdaq adding 1%, as the Dow and S&P both advanced 0.8%, clawing back much of Monday’s selloff, which had been driven by concerns over AI disruption and tariff uncertainty.
Software and cybersecurity stocks led the bounce after Anthropic launched new connectors for its Claude Cowork platform, easing fears of wholesale disruption to existing providers.
After the bell, Workday slid around 10% on a slight revenue miss and softer forward guidance, underscoring the market’s sensitivity to earnings outlooks.
Attention now turns to Nvidia, Salesforce and Snowflake, all due to report after today’s close. Nvidia has recently retested resistance near $195 and investors will be watching closely for updates on data centre revenue, chip demand, margins and hyperscale cloud spending.
The US major indexes look "rangebound for now", said market analyst David Morrison at Trade Nation. "The big question is whether the bulls can grab back the reins and drive equities to new all-time highs, or whether the top is in and the bears take control.
"Traders are looking for a catalyst for the next big move. Could that come from Nvidia’s earnings report? That seems unlikely given that the biggest uncertainty is if the US is going to go to war with Iran."
Market analyst Fawad Razaqzada at Forex.com said: "There was very little immediate market reaction to President Trump’s State of the Union address last night."
Elsewhere, oil prices edged lower on renewed hopes of a diplomatic breakthrough in Iran’s nuclear talks, before climbing higher. WTI was up 0.9% at $66.25 a barrel.