Nasdaq futures indicated an upward trajectory on Wednesday in anticipation of a significant earnings report from AI chip leader Nvidia. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average exhibited increases of 0.4%, 0.3%, and 0.3%, respectively, in the latest trading session. Yesterday, the tech-heavy Nasdaq, blue-chip Dow Jones Industrial Average, and benchmark S&P 500 experienced gains of 1.1%, 0.8%, and 0.8%, respectively, recovering from significant declines on Monday amid concerns regarding AI disruption and uncertainty surrounding President Donald Trump’s tariffs.
During a nearly two-hour State of the Union address on Tuesday night, Trump articulated a defense of his tariffs, several of which were invalidated by the U.S. Supreme Court the previous Friday. Market participants are keenly awaiting Nvidia’s quarterly results, scheduled for release after the market closes today. Shares of the world’s most valuable company experienced an increase of nearly 1% in premarket trading, whereas those of Salesforce, which is also scheduled to report results after market hours, declined by 0.5%.
In the aftermath of earnings announcements, shares of Circle Internet Group experienced a notable increase of 15%, while CAVA Group saw a rise of 10%. Conversely, Workday faced a decline of 9%, Diageo, the parent company of Guinness, witnessed a drop of 7.5%, and Lowe’s reported a decrease of 3%. Bitcoin was trading at approximately 65,400, reflecting an increase from the overnight lows that dipped below 63,900. The 10-year Treasury yield, a key determinant of interest rates across a spectrum of consumer loans such as mortgages, stood at 4.05%, reflecting an increase from Tuesday’s closing figure of just below 4.04%.
Gold futures increased to $5,185 per ounce, whereas silver futures rose by nearly 3% to $90 per ounce. West Texas Intermediate futures, the U.S. crude oil benchmark, increased by 0.4% to $65.85 per barrel. The U.S. dollar index, which monitors the value of the greenback relative to a selection of currencies, registered an increase of 0.2%, reaching 97.99.