NEW YORK: Wall Street stocks rose early Wednesday ahead of closely-watched earnings from artificial intelligence player Nvidia as General Motors surged after announcing a new stock repurchase plan.
Nvidia, whose valuation has rocketed above $3 trillion, reports results after Wednesday’s session. Shares were up 2.7 percent in the early going.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 43,642.36.
The broad-based S&P 500 climbed 0.4 percent to 5,979.59l while the tech-rich Nasdaq Composite Index gained 0.7 percent to 19,157.38.
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Stocks have been under pressure in recent days following disappointing economic data and surveys on consumer confidence that have underscored worries about President Donald Trump’s tariff policies.
But analysts said the House of Representatives’ narrow approval of a budget blueprint supporting Trump’s agenda was positive for stocks because of the prospects for tax cuts.
GM jumped 6.7 percent after announcing a new $6 billion share repurchase authorization and lifting its quarterly divided by three cents a share.
“We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,” GM Chief Financial Officer Paul Jacobson.
“The repurchase authorization our board approved continues a commitment to our capital allocation policy.”
Among companies reporting results, Lowe’s was down 0.1 percent while Workday surged 7.9 percent.
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