By Marcus Webb | May 20, 2026
Wall Street bounced back on Wednesday, with the S&P 500 climbing 1% as semiconductor stocks rallied in anticipation of Nvidia’s upcoming earnings report. The Nasdaq gained 1.4%. The Dow rose 280 points.
The Philadelphia Semiconductor Index surged 2.3%, its best single-session gain in two weeks. Nvidia led the charge, rising 3.1% ahead of its quarterly report due next week. AMD added 2.8%. Broadcom gained 2.1%. The move reflected optimism that the AI chip cycle still has room to run.
The broader market rally was supported by a pullback in oil prices. WTI crude retreated to $91.80 after a report suggested progress in US-Iran back-channel talks, easing some of the geopolitical premium that had built up over the previous week.
Treasury yields stabilized, with the 10-year holding at 4.38%. The VIX fell back below 14, signaling that the two-day selloff had run its course.
Trading volume was elevated, with 11.2 billion shares changing hands across US exchanges, roughly 15% above the 20-day average.
