US equity markets pushed higher in the final trading hour on Tuesday, with the S&P 500 and Nasdaq Composite both posting gains as Wall Street collectively held its breath for Nvidia’s fiscal Q2 2027 earnings report. The results, due after the closing bell, have become something of a quarterly referendum on whether the AI spending boom is real or just vibes.
The S&P 500 gained between 0.19% and 0.31% on the session, while the Nasdaq climbed roughly 0.45% to 0.66%, lifted by a rebound in technology and semiconductor stocks that had sold off in prior sessions.
The Nvidia question
Analysts expect Nvidia to report approximately $92 billion in revenue for the quarter, nearly double what the company posted a year ago. Adjusted earnings per share estimates sit around $2.09 to $2.10.
Nvidia’s stock has declined on the day following each of its last four earnings reports, regardless of whether the numbers beat expectations. On August 26, shares traded roughly 1% lower heading into the report. Still, the stock has managed a roughly 13% gain year-to-date, even if it remains below its recent peaks.
AI spending under the microscope
The company has secured up to $105 billion to support a lease arrangement with OpenAI for data-center buildouts. It’s also participating in a $500 billion customer financing platform designed to help clients fund their AI infrastructure purchases.
On the product side, analysts are watching for updates on Nvidia’s next-generation Rubin chips, which are expected to begin shipping in autumn 2026.
Broader market context
Treasury yields eased on Tuesday, which tends to benefit growth stocks by making their future earnings look more attractive in present-value terms. Lower oil prices also provided a mild tailwind. Consumer confidence data showed signs of weakening, adding to a mixed bag of economic signals.
Meta and other major technology names contributed to the day’s gains alongside semiconductor stocks.
What to watch from here
The immediate question is whether Nvidia can break its streak of post-earnings stock declines. Meeting the $92 billion revenue estimate probably won’t be enough on its own. Investors will be parsing forward guidance, gross margin trends, and any commentary about customer demand pipelines.