U.S. stocks closed mixed on Wednesday after a volatile trading session. Investors were focused on Nvidia’s earnings report, which was released after the market closed. The Nasdaq Composite gained 0.3%.
It had risen as much as 1% earlier in the day. The S&P 500 closed just above the flatline. The Dow Jones Industrial Average fell about 0.4%.
Bitcoin prices also dropped, losing over 4% to fall below $85,000. Nvidia reported earnings per share of $0.89 on revenue of $39.3 billion for the fourth quarter. This beat analysts’ expectations of $0.84 per share on revenue of $38.25 billion.
Shares rose around 4% in after-hours trading following the report. Nvidia’s data center revenue was $35.6 billion, higher than the expected $34.09 billion. The company also gave a strong outlook for the current quarter.
It expects revenue of $43 billion, plus or minus 2%. Earlier on Wednesday, President Trump said tariffs against the European Union would include a 25% levy on autos and other goods. Tariffs against Mexico and Canada will start on April 2.
This news caused a midday slump in tech stocks. Nvidia gave up its gains for the session, closing nearly 4% higher.
Investors eye earnings amid volatility
Other tech stocks had mixed results ahead of Nvidia’s earnings. Tesla fell as much as 3%. Alphabet dropped more than 1.5%.
Apple also declined by 3%. Salesforce shares tumbled after the company missed earnings guidance due to currency challenges. In housing data, new home sales fell 10.5% in January as mortgage rates stayed high.
Sales dropped to a seasonally adjusted rate of 657,000 units. The median price of new homes increased to $446,300 from $427,000. This shows that homeownership costs remain high, even as builders try to attract budget-conscious buyers.
AppLovin stock fell sharply after negative reports from short-sellers Culper Research and Fuzzy Panda Research. Shares were down as much as 20% before recovering some of those losses. Most Wall Street analysts still have “Buy” ratings on the stock despite the steep drop.
Microsoft and Amazon posted moderate gains. Yields on the 10-year Treasury note held steady around 4.3%. General Motors’ stock jumped after the company announced a $6 billion share buyback and dividend increase.
Investors are now looking ahead to more economic data and corporate earnings reports. Market volatility is likely to continue in the near future.
