US Stock Market Today: Wall Street rebounds ahead of Nvidia earnings, Alphabet jumps 5%, Lowe's gains 3.2%

Wall Street rebounded on Wednesday as investors awaited an earnings report from AI chip giant Nvidia and minutes from the Federal Reserve’s October policy meeting.

Market participants processed the delayed US trade figures for August — the publication of which was held up due to a protracted government shutdown—while concurrently looking ahead to the release of a key jobs data on Thursday.

As the Federal Reserve is currently balancing the health of the labour market against inflationary risks while deliberating its next moves on interest rates, Thursday's jobs numbers are expected to significantly influence the central bank’s policy direction.

As of 10 AM Eastern Time, the S&P 500 rose 0.8%, the Dow Jones Industrial Average was up 0.2%, and the Nasdaq Composite was 1.3% higher.

At the open, the Dow Jones Industrial Average rose 46.9 points, or 0.10%, to 46138.68. The S&P 500 rose 8.5 points, or 0.13%, to 6625.84​, while the Nasdaq Composite rose 26.4 points, or 0.12%, to 22459.265.

In the bond market, the yield on the 10-year Treasury edged down to 4.11% from 4.12% late on Tuesday.

Key Stock Movers

Nvidia shares gained 2.3% ahead of the chipmaker’s results.

Alphabet stock jumped 5%.

Shares in Target dropped marginally after the retailer reported a fall in quarterly sales.

Lowe's shares advanced 3.2% after the retailer posted third quarter profit above expectations.

TJX stock added 0.3% as the TJ Maxx parent raised annual forecast.

Constellation Energy stock rallied 5.2% after the US Department of Energy said it’s lending $1 billion to help restart Constellation’s nuclear power plant at Pennsylvania’s Three Mile Island.

Bullion Market

Gold prices climbed on Wednesday, as investors rushed to the safe-haven asset ahead of the release of the Fed minutes and delayed US employment data.

At 9:36 AM ET (1436 GMT), spot gold rose 1.2% at $4,116.26 per ounce. US gold futures for December delivery gained 1.3% to $4,117.10 per ounce.

Among other metals, spot silver gained 2.3% to $51.87 per ounce, platinum added 1.3% to $1,544.80, and palladium fell 0.5% to $1,396.50.

Crude Oil

Crude oil prices declined sharply on Wednesday after a report of a US proposal to end the Russian war in Ukraine.

Brent crude futures fell $1.72, or 2.65%, to $63.17 a barrel by 1421 GMT. US West Texas Intermediate crude futures were down $1.65, or 2.72%, at $59.09.