All three major stock indices on Wall Street closed higher, with significant support from tech giants Nvidia and Oracle. The S&P 500 gained 0.81% to end at 6,946.13 points, while the Nasdaq rose by 1.26% to close at 23,152.08 points. The Dow Jones also registered a gain of 307.65 points, or 0.63%, finishing at 49,482.15 points, marking a continuation of positive momentum in the market.

Nvidia's shares rose by 1.4% ahead of its quarterly earnings announcement after the market close, alongside Salesforce and Snowflake. This earnings report comes at a time when investors are reevaluating the high valuations of tech stocks, especially with increased capital expenditures in artificial intelligence by major tech firms. Market confidence over the coming days is expected to hinge partly on the performance indicated by Nvidia's upcoming results, as noted by Ulrike Hoffman-Burtscher, head of equity strategy.

The broader market sentiment reflects a cautious optimism as investors assess the ongoing trends in technology spending and potential impacts on stock valuations. With Nvidia's results on the horizon, the market is poised for potential movements depending on how the company's performance aligns with investor expectations. This event is crucial for not only Nvidia but for the tech market as a whole, influencing trading strategies and sentiment across the sector.