Stock futures are little changed on Wednesday morning ahead of the release later today of an eagerly awaited earnings report from AI bellwether Nvidia.
Futures tied to the Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq were up 0.1% in recent trading. Stocks are coming off a winning session on Tuesday, rebounding from a sluggish start to the week. Each of the major indexes enter today’s session less than 1% away from new record highs.
Market participants will be keeping a close eye on developments at the Federal Reserve following President Donald Trump’s move earlier this week to dismiss Fed Governor Lisa Cook, a member of the committee that sets interest rates and other important policies. The move by Trump, who has excoriated Fed Chair Jerome Powell in recent months for not cutting interest rates, heightened concerns about whether the Fed’s independence could be compromised.
The main event on the calendar today, however, is Nvidia’s (NVDA) quarterly earnings report, which is due to be released after the closing bell. Investors set an extraordinarily high bar for the AI chip giant’s results every quarter, and options trading suggests that the stock is in for a big move following the earnings report. Nvidia shares, which weigh on the S&P 500 more than any other stock, were up 0.5% in recent premarket trading.
Among other mega-cap technology stocks this morning, Microsoft (MSFT), Broadcom (AVGO) and Tesla (TSLA) were also slightly higher, while Apple (AAPL), Alphabet (GOOG), Amazon (AMZN) and Meta Platforms (META) were hovering near unchanged.
Shares of MongoDB (MDB) soared 30% ahead of the bell after the provider of AI-powered software reported better-than-expected earnings and issued a rosy outlook.
PVH Corp. (PVH) shares surged about 6% after the parent of the Tommy Hilfiger and Calvin Klein brands released its quarterly numbers. Kohl’s (KSS) soared more than 20% after the department store chain reported strong earnings.
Bitcoin was at 111,300 recently, little changed from yesterday afternoon, after falling as low as $108,700 Tuesday morning. Bitcoin has come under pressure since hitting an all-time high above $124,000 just two weeks ago.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.4% at 98.57, a three-week high.
The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, was at 4.27% this morning, up from 4.26% at yesterday’s close.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.4% to $63.50 per barrel, recovering from a steep downturn on Tuesday. Gold futures were up 0.2% at $3,425 an ounce.