Closing Bell: Markets Rise for a Second Straight Day Ahead of Fed Day

Key Points

• Jensen Huang is signaling sustained, outsized demand with a $1T revenue opportunity through 2027.
• Strength from Delta Air Lines and United Airlines—despite fuel shocks—confirms resilient end-demand and pricing power

Markets advanced for a second consecutive session as traders prepare for the FOMC press conference and the release of the updated Summary of Economic Projections tomorrow. The S&P 500 (SPX) gained 0.25%, the Nasdaq‑100 (NDX) rose 0.51%, and the Russell 2000 (RUT) outperformed with a 0.67% advance. Energy, Consumer Discretionary, and Communication Services led the gains, while Healthcare and Consumer Staples lagged.

Nvidia Expands Beyond GPUs as Inference and Edge AI Take Center Stage

At NVIDIA GTC 2026, Jensen Huang reinforced a massive AI Supercycle, projecting up to $1 trillion in cumulative AI chip revenue through 2027, driven by Blackwell and Rubin architectures alongside explosive demand growth. The company is expanding beyond GPUs into full-stack control with CPUs, networking, and software, while pushing into inference via Groq integration and next-gen storage innovations like Context Memory to solve bottlenecks.

Airlines Signal Strong Demand Despite Rising Fuel Costs

Delta Air Lines and United Airlines both signaled a powerful demand environment despite surging fuel costs tied to geopolitical tensions, with Delta absorbing a $400M fuel spike in March while still seeing 25% YoY sales growth and record booking days. Strong pricing power is emerging across the industry, with fares rising multiple times in recent weeks and United reporting booking yields up 15–20%, helping offset higher jet fuel costs. Both airlines highlighted historically strong booking trends and revenue momentum, suggesting resilient travel demand even amid macro volatility.

Market Events for Tomorrow (ET)

8:30am

• PPI

10:00am

• Factory Orders

10:30am

• Crude Oil Inventories

2:00pm

• Federal Funds Rate
• FOMC Economic Projections
• FOMC Statement

2:30pm

• FOMC Press Conference

Notable Earnings for Tomorrow

• A.M: GIS, MOMO, JBL, M, SAIL, TCEHY, WB, WSM

P.M: FIVE, MU, RCAT

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