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Intuit gains after forecasting Q3 revenue above estimates

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GM rises on $6 billion buyback, higher dividend plan

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Indexes up: Dow 0.27%, S&P 500 0.53%, Nasdaq 0.82%

(Updates for market open)

By Johann M Cherian and Sukriti Gupta

Feb 26 (Reuters) - The tech-heavy Nasdaq led Wall

Street's main indexes higher on Wednesday as chip stocks

rebounded ahead of Nvidia's ( NVDA ) results that are crucial to

illuminating future demand for AI.

At 09:58 a.m. ET, the Dow Jones Industrial Average

rose 117.59 points, or 0.27%, to 43,738.75, the S&P 500

gained 31.42 points, or 0.53%, to 5,986.67 and the Nasdaq

Composite gained 155.11 points, or 0.82%, to 19,181.49.

Eight of the S&P 500's 11 sectors traded higher, with

technology stocks rising 1.2%.

AI chip leader Nvidia ( NVDA ) gained 3.3%. Its quarterly

results and forecasts, expected after markets close, are likely

to set the tone for artificial intelligence stocks that have

dominated Wall Street.

The launch of low-cost AI models from China's DeepSeek had

rattled the industry in January and raised questions around Big

Tech's heavy investments into the technology.

Chip peers Broadcom ( AVGO ) and Advanced Micro Devices ( AMD )

also rose, driving the broader semiconductor index

2% higher.

"The demand for (Nvidia's ( NVDA )) chips remains very, very high but

unfortunately, investor expectations might be even higher," said

Sam Stovall, chief investment strategist at CFRA Research.

Megacaps were mixed, with Meta Platforms ( META ) up

2.2% and Apple ( AAPL ) down 1.5%. Tesla rose 0.6% a

day after the electric-vehicle maker's market value fell below

$1 trillion.

Super Micro jumped 14.7% after the chip company

filed long-delayed annual and quarterly reports.

Since last week, a series of data releases, including

Tuesday's weak consumer sentiment print, has hinted that the

world's largest economy might be stalling despite inflation

remaining high, keeping investors on the edge.

The S&P 500 and the Nasdaq logged their biggest four-day

declines since September on Tuesday, also due to weakness in

tech stocks, after an analyst report hinted at overcapacity in

AI infrastructure.

However, a Reuters poll showed strategists still expect the

S&P 500 to finish 2025 about 9% higher than current levels,

although market volatility will persist.

On the fiscal front, President Donald Trump's $4.5 trillion

tax-cut and border security agenda will be sent to the U.S.

Senate after passing the Republican-controlled House of

Representatives.

"Keeping the tax cuts is what... many on Wall Street want,

because should the tax rates revert, then that would end up

taking more money out of the system," Stovall said.

Traders expect the Fed to deliver its first interest rate

cut in July, according to data compiled by LSEG.

In the latest on global trade, Trump ordered a probe into

potential new tariffs on copper imports, sending prices of the

red metal higher. Phoenix-based copper miner Freeport-McMoran ( FCX )

jumped 3.6%.

General Motors ( GM ) rose 7% as the automaker said it would

increase its quarterly dividend by 25% and undertake a new $6

billion share buyback program.

Intuit shares rose 12.3% after the TurboTax maker

forecast third-quarter revenue above Street estimates.

Advancing issues outnumbered decliners by a 1.99-to-1 ratio

on the NYSE and by a 2.25-to-1 ratio on the Nasdaq.

The S&P 500 posted 6 new 52-week highs and one new low while

the Nasdaq Composite recorded 17 new highs and 85 new lows.