Stock Market Update: Nvidia Earnings Impact S&P 500 and Nasdaq

US stocks rallied late in the day as investors awaited Nvidia's earnings and digested Federal Reserve minutes. The S&P 500 rose, while the Dow Jones Industrial Average and Nasdaq Composite fluctuated. Nvidia reported fourth quarter earnings that exceeded Wall Street's expectations, with shares climbing about 2% following the report. Meanwhile, Palo Alto Networks tumbled over 28% after cutting its annual revenue forecast, and Walgreens lost its spot on the Dow index to Amazon. The Fed's minutes reiterated caution on cutting interest rates too soon, and media companies are exploring partnerships to compete in the streaming space.