The S&P 500 experienced a modest increase on Wednesday as investors focused on Nvidia’s earnings report, a potential pivotal event for the ongoing bull market. The broad market index concluded the day with an increase of 0.24%, reaching a new all-time closing high of 6,481.40. The Nasdaq Composite concluded the trading session with an increase of 0.21%, reaching a level of 21,590.14, while the Dow Jones Industrial Average experienced a rise of 147.16 points, equivalent to 0.32%, closing at 45,565.23. Shares of Nvidia, representing approximately 8% of the S&P 500 and holding the largest weight in the benchmark, exhibited minimal movement.

The market appears to be largely overlooking Trump’s unprecedented decision to dismiss Fed Board Governor Lisa Cook from the central bank’s board, as U.S. stocks concluded a lackluster trading session with minimal changes on Tuesday. “Interest rates are poised for a potential decrease, while earnings are showing an upward trajectory. In aggregate, inflation, interest rates and earnings trends support a risk-on bias,” stated Terry Sandven, chief equity strategist at U.S. Bank Asset Management, during an interview. Certain individual stocks exhibited notable increases, even amid the subdued activity in the overall market.

MongoDB experienced a surge of approximately 38% following the announcement that the developer data platform exceeded Wall Street’s projections. Okta experienced an increase of over 1% following the release of its quarterly results and a full-year forecast that surpassed consensus estimates. Both companies attributed their robust results to the demand emanating from firms engaged in the development of artificial intelligence platforms. This is a positive indicator for Nvidia, as it is set to announce its financial results following the market’s close on Wednesday.

Wall Street maintains optimistic expectations for Nvidia, recognized as a bellwether within the broader market and a significant gauge of AI advancement. The forthcoming earnings may either hinder or enhance the current year’s rally, especially as the “Magnificent Seven” seeks to rebound from the previous week’s decline. The chipmaker has surpassed earnings expectations in 11 of the last 12 quarterly reports; however, the post-earnings response has been negative on four occasions, according to FactSet. “The trajectory for equities remains upward, influenced in part by positive sentiment surrounding numerous technology firms, notably Nvidia,” Sandven also stated. “We anticipate that a generally favorable report will be presented by Nvidia.”