Tech stocks rally, yields drop, ahead of Nvidia earnings: Stock market news today

Stock gains accelerated Wednesday afternoon as investors braced for results from chipmaker Nvidia (NVDA) after the market close.

Just before 2 p.m. ET the Nasdaq (^IXIC) jumped up about 1.8% and the S&P 500 (^GSPC) was higher by 1.2%, while the Dow (DJI) rose 0.7%.

Stocks lost momentum on Tuesday with the Dow losing about 0.5% as rising Treasury yields continue to weigh on equity markets.

Early Wednesday the yield on the 10-year Treasury note (^TNX) stood near 4.21%, about 14 basis points off the 16-year high reached earlier this week.

Retail stocks continued to be the center of most of this week’s biggest moves early Wednesday, with Foot Locker (FL) falling as much as 30% after a disappointing quarter as the company cut its dividend and its outlook for the year.

Peloton (PTON) stock was also down more than 20% early Wednesday after costs for a seat post recall and higher subscriber churn weighed on the exercise bike maker.

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