Stock futures were modestly up in premarket trading as investors await Nvidia’s quarterly earnings report, due out after Wednesday’s close. The anticipation surrounding Nvidia’s results has helped boost optimism in the markets.
Market Overview
Dow Jones Industrial Average futures were hovering around flat, continuing their recent trend of record highs.
S&P 500 futures increased by 0.1%, indicating a slight positive bias for the index.
Nasdaq 100 futures were up 0.2%, reflecting a gain in tech-heavy stocks.
Focus on Nvidia
Nvidia’s earnings report is the main event for the day. The semiconductor giant, a key indicator for risk assets, is expected to provide insight into the health of artificial intelligence spending. The company has seen its stock surge 159% year-to-date, lifting its valuation to over $3 trillion. Analysts are keen to see if Nvidia can maintain this growth trajectory by showcasing strong demand for its new Blackwell chips.
Hargreaves Lansdown’s head of money and markets, Susannah Streeter, highlighted that Nvidia is anticipated to report impressive numbers. However, the firm’s future performance and market outlook will be crucial. Investors are eager to see if Nvidia’s high demand for its products can continue, or if there will be a slowdown.
Earnings Estimates
Nvidia is projected to report earnings of 65 cents per share on revenue of $28.74 billion, according to FactSet estimates. This would represent more than double the revenue reported in the same quarter last year.
Other Earnings Reports
In addition to Nvidia, other notable earnings reports expected on Wednesday include:
Salesforce, a major player in cloud computing.
CrowdStrike, a cybersecurity firm, which is reporting during the period of a recent global tech outage caused by its software.
Additional Market Insights
Oil Prices: Oil markets remained stable despite geopolitical tensions.
West Texas Intermediate crude was priced at $75.47 per barrel, while Brent crude was at $78.57 per barrel.
Bond Yields: U.S. Treasury yields were relatively unchanged, with 10-year notes yielding 3.828% and 2-year notes at 3.873%.
Futures Prices
E-Mini Dow (YM00): $41,352.00, down $4.00 (-0.01%)
E-Mini S&P 500 (ES00): $5,648.50, up $3.75 (+0.07%)
E-Mini Nasdaq 100 (NQ00): $19,677.50, up $23.75 (+0.12%)
Overall, while futures are showing a positive trend, market participants are eagerly awaiting Nvidia’s report for further direction and clarity on tech sector performance and investment trends.
