Stock futures are higher after three straight days of losses for major indexes, as investors prepare for the highly anticipated earnings report from AI chipmaker Nvidia; the company at the heart of the AI boom is due to release its quarterly results after the closing bell in what is likely to set the tone for the broader market in the coming days; Lowe’s, Target and TJX each released their results this morning as a busy week of retail earnings continues; details on SpaceX’s financial situation could be made public this afternoon, ahead of an expected IPO; and minutes from the Federal Reserve’s April policy meeting are due out this afternoon. Here’s what you need to know today.
Stock Futures Rise as Chipmakers Rebound Ahead of Nvidia’s Earnings
Futures are pointing to a higher open as chip stocks rebound from their recent pullback ahead of Nvidia’s (NVDA) earnings release later today. Futures tied to the Dow Jones Industrial Average and S&P 500 were recently up 0.2% and 0.3%, respectively, while futures linked to the tech-heavy Nasdaq rose 0.6%. The major indexes fell Tuesday, with the S&P 500 and Nasdaq posting losses for the third straight session, amid a pullback in big tech stocks.
WTI futures, the U.S. crude oil benchmark, were down 2% this morning at around $102 per barrel as investors kept tabs on developments in the Iran war. The Senate last night passed a resolution looking to push President Trump to end the Iran war, though it remains unclear if he would follow such a bill if it was also passed by the House, per The Associated Press.
The yield on the 10-year Treasury, which hit its highest level in over a year yesterday amid mounting concerns about inflation, was at 4.64%, down from yesterday’s close of 4.67%. Gold futures were down slightly at $4,500 an ounce, while bitcoin ticked higher to $77,400 after five straight days of declines.
Nvidia Set to Release Results After Closing Bell
One of the biggest events of the financial calendar is on deck for this afternoon: Nvidia’s latest quarterly earnings. The AI chipmaking giant, and world’s most valuable company by market capitalization at $5.3 trillion, is schedued to report another quarter of soaring sales and profits as tech companies continue to spend hundreds of billions on the hardware needed for AI data centers. Analysts have said they will be on the lookout for updates on stock buybacks, custom chips, developments in demand for Nvidia’s latest products, the potential impacts of rising memory prices and news on chip sales to China following CEO Jensen Huang’s recent trip with the Trump administration to Beijing. Nvidia shares were up more than 1% ahead of the opening bell.
Big Retail Earnings Week Continues With Lowe’s, Target, TJX
Investors are getting a full slate of updates on the retail sector this week. Lowe’s (LOW), Target (TGT) and TJX Companies (TJX) all released results this morning, adding to yesterday’s report from Home Depot (HD). Lowe’s, similar to its home improvement rival, topped revenue and profit estimates while its comparable store sales growth came in just shy of Wall Street expectations. Target beat on the top and bottom lines, and doubled its full-year sales growth forecast to about 4%, as the retailer’s turnaround efforts under new CEO Michael Fiddelke look to be taking shape. TJX, parent of TJ Maxx and Marshalls, also beat analysts’ estimates for revenue and profit, and lifted its guidance. Lowe’s stock was down 2% in recent premarket trading, while shares of Target and TJX gained ground.
SpaceX IPO Filing Could Come As Soon As Today
As the date of SpaceX’s planned initial public offering draws closer, investors could get their first detailed look at the company’s financial situation. The Wall Street Journal reported that SpaceX’s prospectus could be made public as early as this afternoon. The regulatory filing will provide insights into the finances of the company led by Tesla (TSLA) CEO Elon Musk, as well as its plans for growth as a public company and how it will use its likely record-setting proceeds from the IPO.
April FOMC Minutes To Show Fed Thinking on Rates
The minutes from the April policy meeting of the Federal Open Markets Committee are due out at 2 p.m. ET today, and will likely be closely watched by investors who are looking for clues about how the central bank sees its job of tempering rising inflation while also boosting the job market. The minutes could shed light on why last month’s decision to hold rates steady came with the most dissenting votes in over 30 years. Market participants have become increasingly convinced that the Fed could end up raising rates under new chair Kevin Warsh to combat the inflation sparked by the Iran war. Warsh was nominated to the position by President Trump, who repeatedly criticized former Fed Chair Jerome Powell for not aggressively cutting interest rates.