Traders work on the New York Stock Exchange (NYSE) floor on November 12, 2024 in New York City.
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Stock futures hovered near the flatline on Tuesday evening, as investors looked toward a key earnings report from tech giant Nvidia.
Futures tied to the Dow Jones Industrial Average ticked up by 7 points. S&P 500 futures were little changed, while Nasdaq 100 futures inched lower by less than 0.1%.
Shares of Nvidia advanced nearly 5% during regular trading on Tuesday as investors anticipated its latest results. The jump in Nvidia shares helped lift the Nasdaq Composite to a 1% gain and the S&P 500 to a 0.4% advance.
Investors are looking for more than just third-quarter earnings beats from Nvidia on Wednesday afternoon. They want details on demand for Nvidia’s Blackwell AI chips, which CEO Jensen Huang last month characterized as “insane.” How the semiconductor giant fares – given its market capitalization of $3.6 trillion – could set the tone for the S&P 500 and the Nasdaq Composite for the rest of the week.
“Recently I’ve been sort of inclined to look for the broadening trade and fade some of these big names,” RBC Capital Markets head of U.S. equity strategy Lori Calvasina said Tuesday on CNBC’s “Fast Money.” “What I am generally seeing in my data is that even though the value trade fights back, the megacap growth names keep coming back and showing their earnings dominance.”
On the economic front, investors will also look toward commentary from Federal Reserve Governors Lisa Cook and Michelle Bowman, as well as Boston Fed President Susan Collins.
