US stocks rose in early trading on Wednesday, February 25, as investors positioned ahead of NVIDIA’s earnings report, which many traders view as a key test for the artificial intelligence trade.
The S&P 500 gained 0.6%, the NASDAQ 100 advanced 1.1%, and the Dow Jones Industrial Average rose 0.4% in morning trading, while NVIDIA shares climbed about 1% before results.
Wall Street showed a risk-on tone as technology shares led gains. Market participants focused on NVIDIA because of its heavy weighting in major indexes and its influence on AI-linked sentiment. Options markets signaled a notable post-earnings move, with Reuters reporting implied volatility that points to a swing of roughly 5% to 5.6% after results.
The move extended a broader rebound in US equities, with the NASDAQ outperforming as traders rotated back into growth stocks. Investors also watched software names after recent AI-related concerns, especially following weaker guidance from some enterprise software firms. This kept attention on how companies frame AI spending, margins, and demand durability in their outlooks.
Outside equities, Bitcoin moved above $66,000, while Ether outperformed with a sharper gain. The crypto rally added to risk sentiment in US markets and coincided with stronger interest in digital-asset-linked stocks. Treasury yields also moved higher, with the 10-year US Treasury yield rising to about 4.05%, showing that equity gains came alongside firmer rates.
Currency markets remained relatively stable. The dollar index held near flat, while the euro and pound posted modest gains, and the yen weakened against the dollar. In commodities, West Texas Intermediate crude slipped slightly, while gold moved higher, indicating that investors still balanced risk exposure with defensive positioning.
NVIDIA rose ahead of earnings, with the AI outlook in focus.
Circle surged over 20% after a strong Q4 revenue beat.
Workday fell after soft subscription sales guidance.
HP warned on outlook as memory costs weighed on forecasts.
Lowe’s issued weaker full-year sales guidance.
Axon jumped after profit beat estimates.
First Solar declined after a weak annual sales outlook.
Netflix gained after Warner Bros. deal-related comments.
Salesforce results later Wednesday remained a market focus.
Snowflake results later Wednesday also drew investor attention.
Circle shares surged more than 20% in early trading after the company reported fourth-quarter revenue above analyst expectations. Circle’s reserve income reportedly rose to $733 million as USDC circulation increased 72% year over year to $75.3 billion. Total revenue and reserve income climbed 77% to $770 million, topping analyst estimates compiled by LSEG.
The company’s results added another layer to Wednesday’s market narrative, as investors assessed both AI momentum and digital asset adoption. Circle’s update also highlighted how regulation and institutional partnerships continue to shape stablecoin usage and earnings performance. Notably, its preliminary also gained approval for a national trust bank charter.
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