Post-Bell | S&P 500 Notches Record Close; MongoDB Soars 38%; Kohl's Surges 24%; Canada Goose Jumps 16%

The S&P 500 notched a record high close on Wednesday ahead of quarterly results from Nvidia, Wall Street's most closely watched event this week, which will test the rally that has pushed valuations of AI-related companies to levels that some investors view as too high.

Market Snapshot

The S&P 500 climbed 0.24% to end the session at 6,481.40 points, exceeding its previous record high close on August 14. The Nasdaq gained 0.21% to 21,590.14 points, while the Dow Jones Industrial Average rose 0.32% to 45,565.23 points.

Market Movers

Nvidia - Nvidia closed down by less than 0.1%. The leading maker of artificial-intelligence chips is set to posts econd-quarter earnings after the closing bell. Analysts expect Nvidia to post adjusted earnings of $1.01 a share on revenue of $46 billion. Investors will be looking for progress on AI server racks shipments following manufacturing obstacles, as well as clarity on the health of Nvidia’s China business amid geopolitical tensions that have led to restrictions on its most advanced semiconductors. Coming into Wednesday trading, Nvidia shares have risen 35% this year.

MongoDB, Snowflake - MongoDB soared 38% after the database software company posted second-quarter adjusted earnings and revenue that topped analysts’ expectations and raised its fiscal 2026 guidance. MongoDB said subscription revenue in the second quarter rose 23% to $572.4 million. The company added more than 5,000 customers during the first half of the year, a record for that time period. MongoDB now expects fiscal-year adjusted profit of between $3.64 and $3.73 a share, well above its prior forecast of between $2.94 and $3.12. Peer Snowflake rose 3.1%.

Kohl's - Kohl’s jumped 24% after reporting second-quarter adjusted earnings of 56 cents a share, well above consensus, and raising its fiscal-year outlook. The stock fell 6.5% late Tuesday after Bloomberg reported that theretailer was askingsome vendors for more time to settle invoices. The report cited people familiar with the matter.

Canada Goose - Canada Goose gained 16.2% after the outerwear retailer’s controlling shareholder received bids to take the company private, according to a report from CNBC. Bain Capital, which together with Canada Goose CEO Dani Reiss controls around 92% of voting power in the company, has drawn offers that value the Toronto-based retailer at around $1.35 billion, CNBC reported.

Cracker Barrel - Cracker Barrel rose 8% after vowing to bring back its old logo following pressure from President Donald Trump. The homestyle restaurant chain said its new logo would “go away” and its “old timer” would stay. The decision came just hours after Trumpposted on social mediathat Cracker Barrel should return to its former logo and “admit a mistake.”

Okta - Okta posted second-quarter earnings and revenue that beat Wall Street forecasts and raised its fiscal-year outlook. The identity-security company said its remaining performance obligations, or its subscription backlog, increased 18% to $4.15 billion in the second quarter. The company expects fiscal-year adjusted earnings of $3.33 to $3.38 a share on revenue of $2.88 billion to $2.89 billion. It previously guided for earnings of $3.23 to $3.28 a share on revenue of $2.85 billion to $2.86. Shares were up 1.6% on Wednesday.

nCino - Shares of nCino surged 13.9% after the fintech reported better-than-expected second-quarter adjusted earnings of 22 cents a share on revenue of $148.8 million and boosted its fiscal 2026 profit and revenue guidance.

Box - Second-quarter earnings at Box topped analysts’ consensus, and billings rose 3% to $264.9 million in the quarter. “We continued to see strong momentum with Enterprise Advanced, which delivers intelligent workflow automation, advanced AI, powerful AI agents, and secure content management in one plan,” said CEO Aaron Levie. The cloud-storage company said it expects fiscal full-year revenue to increase 8% to between $1.17 and $1.18 billion, up from a prior estimate for growth of 7%. Box shares were up 4.2%.

JM Smucker - J.M. Smucker fell 4.4%. The packaged-food maker, which owns brands such as Jif peanut butter and Folgers coffee, posted fiscal first-quarter adjusted earnings of $1.90 a share, below analysts’ consensus of $1.93. Sales totaled $2.11 billion, down 1% from the prior year and just shy of Wall Street’s call for $2.12 billion.

Market News

Nvidia Forecasts Decelerating Growth After Two-Year AI Boom

Nvidia Corp., the world’s most valuable company, gave a tepid revenue forecast for the current period, signaling that growth is decelerating after a staggering two-year boom in artificial intelligence spending.

Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion.

The data center unit, a division that’s now larger by itself than any other chipmaker, had sales of $41.1 billion. That compares with an average estimate of $41.3 billion.

The company also approved an additional $60 billion in stock buybacks. Nvidia had $14.7 billion remaining under its previous repurchase plan at the end of the second quarter.

Google to Invest Additional $9 Billion in Virginia Data Centers

Alphabet Inc.’s Google is investing an additional $9 billion in Virginia through 2026 to enhance cloud and AI infrastructure across the state, marking the latest in a series of big tech investments in US data centers.

The money will go toward building a new data center in Chesterfield County and expanding existing campuses in Loudoun and Prince William counties, the company said Wednesday in a blog post.

A slew of major technology companies are rushing to build data centers in the US, citing a need to sustain the massive AI boom. They’re also showing that they are making investments domestically amid President Donald Trump’s nationalist policies to propel the US to the forefront of the global AI race.