Closing Bell: Nvidia Beats Earnings as Markets Rotate Back to Tech

Key Points

• Markets moved higher ahead of Nvidia’s earnings, with Bitcoin rebounding sharply.
• Nvidia topped expectations on both revenue ($68.13B vs. $66B est.) and EPS ($1.62 vs. $1.52 est.)
• Workday beat on EPS and revenue, but slightly softer subscription guidance and margin outlook sparked early selling.

Markets continued to rally as investors positioned ahead of Nvidia’s earnings, while Bitcoin staged a strong rebound during the session. The S&P 500 (SPX) finished up 0.81%, the Nasdaq-100 (NDX) advanced 1.41%, and the Russell 2000 (RUT) gained 0.41%. Information Technology, Financials, and Communication Services led the market higher, while Industrials and Real Estate lagged.

Nvidia Beats Street Expectations

Nvidia (NVDA) reported revenue of $68.13 billion, surpassing market estimates of $66 billion, with adjusted EPS of $1.62 versus expectations of $1.52. The company guided for $78 billion in revenue for the upcoming quarter, well above consensus estimates of $72.6 billion. Notably, the outlook does not include any contribution from China sales in the coming quarter.

Nvidia continues to see strong demand for its data center GPUs. Management indicated that supply constraints are expected to weigh on the Gaming segment but did not mention any memory shortages affecting the data center business.

Workday Claws Back Early Losses

Workday (WDAY) delivered a solid earnings beat, with adjusted EPS of $2.47 topping expectations of $2.32. Revenue came in at $2.53 billion versus estimates of $2.52 billion, representing 14.5% year-over-year growth. Guidance, however, was more mixed. For Q1, the company forecast subscription revenue of $2.335 billion, slightly below estimates, along with an adjusted operating margin of 30.5% compared to the 30.9% consensus.

The outlook reignited debate around AI-driven disruption, as investors weigh whether enterprise AI tools and agents—such as those from Anthropic—could eventually displace traditional HR and ERP workflows. Despite initially falling more than 10% following the earnings release, Workday shares rebounded to close the session up 2.24%.

Market Events for Tomorrow (ET)

8:30 AM

• Unemployment Claims

10:00 AM

FOMC Member Bowman Speaks

10:30 AM

• Natural Gas Storage

Notable Earnings for Tomorrow

• A.M: GOLF, BIDU, CELH, CARS, LNG, QBTS, DCI, GIL, HTZ, HRL, IQ, SJM, DNUT, NXST, NVAX, PZZA, PENN, RXT, SRE, SHAK, FOUR, STLA, TD, VIPS, VST

P.M: AES, AMBA, ADSK, XYZ, CLOV, CTRA, CRWV, CPNG, DELL, DUOL, FLUT, INTU, MARA, MASI, MTZ, MNST, NTAP, PGNY, QXO, REAL, RKT, RKLB, SBAC, SOLV, SOUN, RUN, SG, WULF, ZS

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