Stocks climbed higher Wednesday as market participants awaited the results from Nvidia (NVDA  ) -- one of the frontrunners in the artificial intelligence industry. The Dow Jones Industrial Average climbed more than 180 points, while the S&P 500 Index and Nasdaq Composite added 1.1% and 1.6%, respectively.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.10% or +48.46 points to 4,436.01

Dow Jones Industrial Average (DIA  ): +0.54% or +184.15 points to 34,472.98

Nasdaq Composite Index (QQQ  ): +1.59% or +215.16 points to 13,721.03

Ahead of the highly anticipated earnings, investors reacted to more earnings reports from the retail sector. Foot Locker (FL  ) shares dropped more than 28% after the company posted declining sales and lowered its full-year forecast for the second time this year.

"We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers while still leaning into the strategic investments," CEO Mary Dillon said in the company's release.

The retailer expects full-year comparable sales declining in by a range of 9% to 10%, below its initial forecast for a 7.5% to 9% drop. Foot Locker also cut its full-year earnings outlook to a range of $1.30 to $1.50 per share from its previous guidance of between $2.00 to $2.25.

Other sporting goods and athletic apparel retailers like Dick's Sporting Goods (DKS  ) and Nike (NKE  ) also fell lower on the day, with the latter posting its 10th straight session on losses -- its longest losing streak on record.

Peloton (PTON  ) shares also fell lower after the fitness company reported a wider-than-expected loss and issued disappointing revenue guidance for its fiscal first quarter, citing that the costs of its recently recalled bikes "substantially exceeded" expectations. The company expects revenue to range between $580 million to $600 million.

On the economic front, the S&P Global's services PMI reached a six-month low in August at 51.0, while the firm's manufacturing PMI posted a two-month low at 47.5. Readings above the neutral level of 50 indicate expansion in the sector, while reading below indicate contraction.

"A near-stalling of business activity in August raises doubts over the strength of US economic growth in the third quarter," said Chris Williamson, chief business economist at S&P Global Market Intelligence, in a statement. "The survey shows that the service sector-led acceleration of growth in the second quarter has faded, accompanied by a further fall in factory output."

Sales of newly constructed U.S. homes came in stronger-than-expected in July despite increasing mortgage rates, the Commerce Department reported Wednesday. Sales of new homes totaled 714,000 at a seasonally adjusted rate, equalling a 4.4% increase from June's downwardly revised figure and 31.5% above the previous year's rate.

Looking ahead, all eyes will be on Nvidia's earnings report after market close. Market participants will also turn their attention towards the Federal Reserve's two-day Jackson Hole Symposium, starting on Thursday. Fed Chair Jerome Powell is set to deliver remarks on Friday.