Stocks closed mixed to end another volatile trading session after President Trump spoke about his tariff plans at a cabinet meeting Wednesday afternoon and investors also braced for Nvidia’s (NVDA) after-the-bell earnings, which beat on both the top and bottom lines.
The Nasdaq Composite (^IXIC) pared gains to finish the day up around 0.3%. The tech-heavy index had risen as much as 1% earlier in the session after consecutive sharp losses for the index. The benchmark S&P 500 (^GSPC) closed just above the flatline, while the Dow Jones Industrial Average (^DJI) fell roughly 0.4%.
Bitcoin (BTC-USD), which has been retreating from its post-election highs and trading at its lowest levels since November, also took a leg lower on Wednesday, losing over 4% to drop below $85,000.
Shortly after the market close, Nvidia reported Q4 earnings per share (EPS) of $0.89 on revenue of $39.3 billion. Analysts had anticipated EPS of $0.84 on revenue of $38.25 billion. Shares rose around 4% in after-hours trading.
Data center revenue beat expectations of $34.09 billion to hit $35.6 billion in the quarter. The company also issued better-than-expected guidance for the current quarter, anticipating revenue of $43 billion, plus or minus 2%.
The $3.2 trillion chipmaker entered Wednesday’s report with shares down over 2% since the start of the year.
Earlier in the day, President Trump said tariffs against the EU would include 25% on autos among other goods, while levies against Mexico and Canada will go into effect on April 2.
Investors are looking to Nvidia’s quarterly results due after the bell to potentially lift stocks more broadly, given the AI bellwether’s history of bullish reactions to earnings.
But Nvidia’s stock has lagged the S&P 500 so far this year, and the chipmaker’s prospects face headwinds from Trump’s tariff threats and export controls. Its shares closed nearly 4% higher after sliding 2.8% on Tuesday.
LIVE COVERAGE IS OVER 19 updates
