Nvidia overcomes tariff turbulence

Artificial intelligence technology bellwether Nvidia overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth amid feverish demand for its high-powered chips that are making computers seem more human.

The results for the February-April period came against the backdrop of President Donald Trump’s on-again, off-again trade war that has whipsawed Nvidia and other Big Tech companies riding AI mania to propel their revenue and stock prices upward.

Nvidia earned $18.8 billion, or 76 cents per share, for the period, a 26% increase from the same time last year. Revenue surged 69% from a year ago to $44.1 billion. If not for a $4.5 billion charge that Nvidia absorbed to account for the U.S. government’s restrictions on its chip sales to China, Nvidia would have made 96 cents per share, far above the 73 cents per share envisioned by analysts.

Nvidia also predicted its revenue for the May-July period would be about $45 billion, roughly the level that investors had been anticipating.

Macy’s sales surprise, price hikes ahead

Macy’s posted better-than-expected quarterly results — a sign the company’s strategy of focusing on its best-performing locations is paying off despite weakening consumer sentiment and tariff volatility.

Comparable-store sales in the fiscal quarter ended May 3 fell less than analysts had anticipated, the company reported on Wednesday, while revenue of $4.6 billion in the period also surpassed the average estimate.

Macy’s shares fell 29% this year through Tuesday’s close, and the stock has posted annual declines every year since 2021.

The company said its range of merchandise — from off-price to luxury — gives it additional flexibility.

Macy’s Chief Executive Officer Tony Spring said in an interview with Bloomberg News that the company anticipates some “modest” price increases.

“We’re going to make sure that we are surgical,” Spring said.

Markets slow their roll after losses

U.S. stocks drifted lower on Wednesday, cooling down a day after leaping within a few good days’ worth of gains from their all-time high.

The S&P 500 fell 0.6%, but it’s still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by President Donald Trump’s trade war may have passed. It had been roughly 20% below the mark last month.

The Dow Jones Industrial Average dipped 244 points, or 0.6%, and the Nasdaq composite slipped 0.5%.

Abercrombie & Fitch soared 14.7% after its profit and revenue topped analysts’ expectations. CEO Fran Horowitz credited broad-based growth across its business around the world, and strength for its Hollister brand offset weakness for its Abercrombie brand.

Dick’s Sporting Goods added 1.7% after topping analysts’ expectations for the latest quarter, and it stood by its financial forecasts it earlier gave for the full year.

On the losing end of Wall Street was Okta, which fell 16.2% even though the identity and access management company reported better results for the latest quarter than Wall Street expected. Analysts called it a solid performance, but investors may have been looking for even more after its stock came into the day up nearly 60% for the year so far.

Compiled from Associated Press and Bloomberg reports.