S&P 500 Tests Records Ahead Nvidia Results, MongoDB Rockets: What's Moving Markets Wednesday?

Wall Street traded cautiously on Wednesday, with major indices little changed at midday as investors awaited NVIDIA Corp.‘s (NASDAQ:NVDA) second-quarter earnings after the bell.

NVDA is performing well relative to peers. See the market dynamics here.

The AI giant has more than doubled in value since April's tariff-driven low, becoming the poster child of a rally that pushed the S&P 500 to record highs this month.

Traders are laser-focused on Nvidia's Blackwell chip momentum, China updates and gross margins, three factors likely to steer not only the stock but the broader market reaction.

By midday in New York, the S&P 500 edged up 0.2% to 6,478, just shy of its record highs of 6,481. Nvidia shares added 0.1% to $182.

The Nasdaq 100 also ticked up 0.1% to 23,550, roughly 2% below its all-time peak, while the Dow gained 0.3% to 45,500, within striking distance of ...