U.S. stock futures rose Wednesday as bond yields fell and traders eyed Nvidia results later in the day.How are stock-index futures trading
S&P 500 futures
ES00,
+0.53%
rose 24 points, or 0.5%, to 4423
Dow Jones Industrial Average futures
YM00,
+0.40%
gained 135 points, or 0.4%, to 34479
Nasdaq 100 futures
NQ00,
+0.67%
advanced 116 points, or 0.8%, to 15075
On Tuesday, the Dow Jones Industrial Average
DJIA
fell 175 points, or 0.51%, to 34289, the S&P 500
SPX
declined 12 points, or 0.28%, to 4388, and the Nasdaq Composite
COMP
gained 8 points, or 0.06%, to 13506.
What’s driving markets Stock futures firmed early Wednesday after news that eurozone economic activity contracted more than expected to a 33-month trough pushed government bond yields sharply lower. However, much of the market’s focus Wednesday is on the results of Nvidia
NVDA,
-2.77%,
due after the closing bell. With Nvidia’s shares up 212% this year — against the S&P 500’s 14.3% gain — the chipmaker encapsulates the enthusiasm for big technology stocks and AI excitement that together helped drive equity indices higher for much of 2023. So it’s likely the reception Nvidia’s numbers and forecasts are afforded will determine the broader market sentiment in the short term. “Investors will focus on whether Nvidia’s Q2 sales meet the $11 billion estimate. Anything less than absolutely fantastic could trigger a sharp downside correction in Nvidia’s stock price which rallied 345% since the October dip,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Pricing of Nvidia’s stock options show traders think the shares may move by roughly 10% over the course of the rest of the week. “A jolt [of] volatility is set to be sparked by the chip giant’s numbers and outlook,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Other companies reporting results on Wednesday include Analog Devices
ADI,
-0.32%,
Kohl’s
KSS,
-10.35%
and Williams-Sonoma
WSM,
-2.86%
before the opening bell, followed after the close by Snowflake
SNOW,
+0.46%,
Splunk
SPLK,
-0.45%
and Autodesk
ADSK,
-0.71%.
Former lockdown darling Peloton
PTON,
-0.43%
will also reveal its numbers begore the bell, and option pricing suggests traders see a possible 18% share price move through to the end of the week. U.S. economic updates set for release on Wednesday include the S&P services and manufacturing PMIs for August, due at 9:45 a.m. Eastern, followed at 10 a.m. by the July new home sales repor …
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Other companies reporting results on Wednesday include Analog Devices
ADI,
-0.32%,
Kohl’s
KSS,
-10.35%
and Williams-Sonoma
WSM,
-2.86%
before the opening bell, followed after the close by Snowflake
SNOW,
+0.46%,
Splunk
SPLK,
-0.45%
and Autodesk
ADSK,
-0.71%.
Former lockdown darling Peloton
PTON,
-0.43%
will also reveal its numbers begore the bell, and option pricing suggests traders see a possible 18% share price move through to the end of the week. U.S. economic updates set for release on Wednesday include the S&P services and manufacturing PMIs for August, due at 9:45 a.m. Eastern, followed at 10 a.m. by the July new home sales repor …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]