Nvidia Drives Market Gains as Economy Continues to Strengthen

The major market indexes rose modestly on Wednesday, but it was Nvidia that did most of the heavy lifting. The chipmaker's 3.8% gain added 0.38 percentage points to the Nasdaq Composite's total score, and no other stock moved the index by 0.1% or more.

New York Fed President John Williams said the surge in Treasury yields reflects a strong economy, driven by AI and data center investment. He believes this trend will continue for at least another month or two before the next rate-setting meeting on September 15-16.

The Dow Jones Industrial Average was up 0.4%, the S&P 500 added 0.5%, and the Nasdaq Composite rose 0.4%. However, if Nvidia and Meta Platforms are excluded from the calculation, the indexes would be down or only slightly positive.