U.S. markets today: Nvidia earnings and 'biggest known unknown' will dominate busy Thursday session

Investors will have plenty to think about when Wall Street opens on Thursday—with most eyes on the response to Nvidia's (NVDA) earnings report, which was released shortly after the markets closed on Wednesday.

Digging into the report

Although the broader stock market saw mixed results on Wednesday, Nvidia helped propel a midday rally that largely fizzled out by the time the closing bell rang. Nevertheless, the tech darling’s stock managed to finish the day 3.7% higher.

Then came the company’s long-awaited earnings numbers, which contained some notable figures:

• Earnings per share came in $0.04 higher than expected at $0.89.

• Data center revenue of $35.6 billion beat forecasts by about $1.5 billion.

• First-quarter guidance of around $43 billion also outpaced expectations.

These are strong numbers, but the context matters as analysts weigh their options. AI in general has spooked some investors recently, and the release of China’s DeepSeek platform is expected to have an impact of its own on the trajectory of the industry.

That’s why the market’s reaction to Nvidia’s Q4 report will likely carry a lot of weight with analysts.

Losses or lackluster gains might send the message that AI stocks have become too risky for some investors. But a strong pre-market showing on Thursday and gains after the bell rings could reinvigorate trading across the entire sector.

Shares dropped in after-hours trading on Wednesday and were trading more than 2% lower than at the beginning of 2025.

“The biggest known unknown”

Volatility remains the name of the game on Wall Street these days, and a number of uncertainties are looming over the markets ahead of today’s trading hours.

Elliott Management founder Paul Singer granted a rare interview this week and offered a stark take on what he described as among the riskiest environments for investors that he has ever witnessed.

A combination of increased risk among investors and zero- or even negative-interest rate policies around the world have helped create the current situation, he said, and AI has exacerbated it.

“This AI is way over its skis in terms of practical value being brought to users,” Singer advised. “There are uses, and there will be additional uses, but it’s way exaggerated.”

With a broader sample size, the general take among analysts is similar, if not as dire. Reuters recently surveyed 54 equity strategists who forecasted an average of 9% growth in the S&P 500 by the end of this year.

One of the most glaring economic uncertainties that could stymie the strategies of even seasoned investors is President Donald Trump’s ongoing threat of widespread tariffs.

“That, to us, is the biggest known unknown for markets and investors,” explained Ameriprise Financial chief market strategist Anthony Saglimbene.

Invesco chief global market strategist Kristina Hooper acknowledged that investors “with a short-term horizon … could be a little rattled” by the current situation.

It might not be a particularly comfortable time to navigate the markets, but those investors who are struggling to make sense of it all can at least take comfort in knowing that they are in good company.

What else to watch for

Several other important items are on the calendar for Thursday, including reports on unemployment, durable goods orders, and pending home sales. A second GDP estimate is also scheduled for release.

Earnings numbers should be reported by several companies before the end of the day, including Warner Bros. Discovery, Dell Technologies, Autodesk, Royal Bank of Canada, and Toronto Dominion Bank.

And with one more uncertainty—interest rates—still in the back of investors’ minds, Cleveland Fed President Beth Hammack and Philadelphia Fed President Patrick Harker are set to provide their latest updates