Stock Futures Tick Higher Ahead of Nvidia Earnings; Dow, S&P 500 Look to End 4-Session Skids

Stock futures pointed higher Wednesday, with investors focused on AI darling Nvidia’s highly anticipated quarterly results after the closing bell.

Futures associated with the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average were up a respective 0.4%, 0.3%, and 0.1%. Yesterday, the S&P 500 and Dow both fell for a fourth straight session and the Nasdaq ended lower for a second consecutive day, as worries about AI-tied valuations continued. 

Market participants also are awaiting tomorrow’s September jobs report, which was delayed because of the 43-day U.S. government shutdown. The report was originally scheduled for release on Oct. 3, two days after the shutdown began. 

Today, investors’ eyes are turning to Nvidia (NVDA), the world’s most valuable company, whose quarterly earnings report after the bell could have wide-reaching implications for the AI trade and the broader stock market. Shares have fallen nearly 5% this week and are down more than 12% from their closing high on Oct. 29, but were up 0.7% in premarket trading.

Microsoft (MSFT), whose shares fell 2.7% yesterday after announcing strategic partnerships with Nvidia and Claude AI developer Anthropic, and also were pressured by a ratings cut by Rothschild, ticked higher before the bell. Amazon (AMZN) stock pointed 0.7% higher after dropping 4.4% Tuesday on its own rating cut by Rothschild.

Lowe’s (LOW) shares popped 5% after reporting a third-quarter profit beat and raising its full-year sales projection, a day after rival Home Depot (HD)’s stock sank 6% as the home-improvement retailer reported disappointing profit and cut its full-year outlook.

Target (TGT) stock slipped less than 1% after its total sales and comparable store sales came up short of analysts’ estimates, and it lowered its full-year profit estimate. T.J. Maxx parent TJX (TJX) also was slated to report earnings before the bell. Walmart (WMT), the world’s largest retailer, is set to report its results early Thursday.

Bitcoin was trading around $91,400, down from the day’s high of about $93,400. The largest cryptocurrency slipped below $90,000 earlier Wednesday for a second straight day.

The yield on the 10-year Treasury note was little changed from Tuesday’s close at around 4.12%. The U.S. dollar index, which tracks the performance of the dollar against a basket of foreign currencies, was slightly higher at 99.68.

WTI crude futures, the U.S. oil benchmark, fell 2% to $59.55 per barrel. Gold futures advanced more than 1% to $4,115 per ounce.