Stocks popped on Wednesday afternoon as investors braced for results from chipmaker Nvidia (NVDA) after the market close.

The Nasdaq (^IXIC) jumped up about 1.6% and the S&P 500 (^GSPC) was higher by 1.1%, while the Dow Jones Industrial (DJI) rose 0.5%.

Stocks lost momentum on Tuesday with the Dow losing about 0.5% as rising Treasury yields continue to weigh on equity markets.

Early Wednesday the yield on the 10-year Treasury note (^TNX) stood near 4.19%, about 16 basis points off the 16-year high reached earlier this week.

Retail stocks continued to be the center of most of this week's biggest moves on Wednesday, with Foot Locker (FL) falling 28% after a disappointing quarter as the company cut its dividend and its outlook for the year.

Peloton (PTON) stock sank 22% Wednesday after costs for a seat post recall and higher subscriber churn weighed on the exercise bike maker.

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