US stocks rise as tech shares continue rebound

NEW YORK: Wall Street stocks advanced early Wednesday, extending a rebound in tech shares ahead of Nvidia earnings as markets digested President Donald Trump’s address to Congress.

The tech-centered Nasdaq led Tuesday’s rally as markets adopted a less fearful view of the impact of artificial intelligence on legacy technology companies.

“The big question is whether the bulls can grab back the reins and drive equities to new all-time highs, or whether the top is in and the bears take control,” said David Morrison, senior market analyst at Nominis Advisory.

About 45 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 49,266.89.

READ MORE: Wall St rebounds from tech rout; tariff, AI worries linger

The broad-based S&P 500 gained 0.5 percent to 6,923.37, while the tech-rich Nasdaq Composite Index gained 1.0 percent to 23,098.55.

Analysts said the market largely shrugged off Trump’s State of the Union address Tuesday night in which the US president sought to paint a rosy picture of his achievements in his longest-ever speech to Congress.

Among individual companies, Nvidia rose 1.7 percent ahead of earnings later Wednesday. The chip company is projected to report a whopping $35.8 billion in quarterly profits, according to S&P Capital IQ.