Traders work on the floor of the New York Stock Exchange, July 12, 2023.
Brendan Mcdermid | Reuters
Stock futures climbed Wednesday as investors awaited quarterly results from chip giant Nvidia. Traders also tried to regain their footing following a mixed session Tuesday.
Dow Jones Industrial Average futures added 142 points, or 0.5%. S&P 500 and Nasdaq 100 futures climbed 0.6% and 0.8% respectively.
Nvidia is slated to report second-quarter earnings after the bell. Analysts polled by Refinitiv expect the company to report sharp year-over-year spikes in profit and revenue for the second quarter. Nvidia is the best-performing S&P 500 stock of 2023, up more than 200%, as investors cheer the company’s AI-related prospects.
Investors will look to the report for signs on whether the market can resume this year’s move higher, or if the August downturn will be prolonged. The S&P 500 is down more than 4% this month. On Wednesday, shares rose more than 1%.
Wall Street is coming off a mixed session, with the Dow and S&P 500 falling, while the Nasdaq Composite eked out a small gain. Weakness in retail and bank stocks weighed on the market Tuesday.
Dick’s Sporting Goods fell 24% in its worst daily performance ever after coming up short of Wall Street expectations and pulling back its full-year earnings guidance. Macy’s fell 14% after reiterating its conservative outlook, while Lowe’s climbed more than 3% after exceeding the consensus estimate of analysts for earnings and reaffirming full-year expectations.
Beyond the earnings slated for Wednesday, investors will also be watching for economic data on new home sales and purchasing. They’ll also be readying for the start of a two-day Federal Reserve symposium in Jackson Hole, Wyoming, beginning Thursday. Fed Chair Jerome Powell is expected to deliver remarks Friday.