Stocks rose Wednesday with Nvidia and the tech sector moving higher even as bond yields and oil prices remained elevated.
Nvidia shares advanced 3.9% after CEO Jensen Huang spoke about token monetization in artificial-intelligence computing at the G-20 summit.
Dell Technologies rose 7.7% was the best-performing stock in the S&P 500 on Wednesday. The hardware company posted second-quarter earnings and revenue that topped analysts' expectations as the artificial-intelligence boom drives up demand for its products.
Palo Alto Networks fell 11% and was the index's worst performer Wednesday. The cybersecurity company reported strong fourth-quarter earnings, but investors still opted to take profits with shares up 97% for the year through Tuesday's close of trading.
Credo Technology declined 20% even as the electrical cable maker's first-quarter earnings beat expectations. The revenue beat and guidance "seems a bit skinnier" than in previous quarters, Mizuho analyst Jordan Klein said.
PG&E dropped 6.8% after the California utility announced a strategic review and that it will "consider the full range of options" for how it should be organized and financed. Wildfire-related liability is top of mind for the utility. Edison International declined 6% and Sempra fell 0.5%.
AST SpaceMobile rose 9.2% to $60.87 after analysts at Berenberg initiated coverage of several space stocks with Buy ratings. The firm's price target on AST is $92. AST is constructing a satellite constellation to offer space-based communications, similar to SpaceX's Starlink product.
GitLab gained 12% after the coding platform's second-quarter earnings came in well above Wall Street's target, easing fears about fierce competition from the likes of Microsoft's GitHub and SpaceX's Cursor.
MongoDB fell 12% after second-quarter revenue for the document database company's multi-cloud service Atlas grew at a slower pace than expected. Mizuho Securities analyst Jordan Klein said major hedge funds had privately expected 30.5% to 31% growth in Atlas revenue.
Uber advanced 2.2% after the ride-hailing company announced it would cut about 10% of its global staff as part of a broader restructuring move.
FuelCell Energy stock dropped 17% after the fuel cell power plants maker posted a larger-than-expected quarterly loss and missed revenue expectations.
Sirius XM stock rose 7.6% after Deutsche Bank upgraded shares from Hold to Buy and raised the price target to $45 from $31.
Reddit shares advanced 7.4% after Baird analyst Colin Sebastian maintained a Neutral rating on the stock as the social-media site approaches expirations for key data licensing contracts.
Chip maker Broadcom, cloud-computing company Snowflake, and server maker Hewlett Packard Enterprise report earnings after the closing bell.