Stock index futures inch up as Nvidia results loom

[Wall Street New York stock exchange stock market]
alexsl

Stock index futures inched higher on Wednesday, as traders awaited Nvidia's (NVDA [https://seekingalpha.com/symbol/NVDA]) quarterly results.

S&P 500 futures (SPX [https://seekingalpha.com/symbol/SPX]) +0.1%, Nasdaq 100 futures (US100:IND [https://seekingalpha.com/symbol/US100:IND]) +0.1%, and Dow futures (INDU [https://seekingalpha.com/symbol/INDU]) +0.1%.

The 10-year Treasury yield (US10Y [https://seekingalpha.com/symbol/US10Y]) rose 1 basis point to 4.28%. The 2-year yield (US2Y [https://seekingalpha.com/symbol/US2Y]) fell 1 basis point to 3.72%.

Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]) is set to be the centerpiece of this week's earnings calendar, with its Q2 report scheduled for release after the market closes. Analysts are forecasting ~50% Y/Y growth in both sales and profits, fueled by relentless demand for AI chips and accelerating data center momentum.

Other big earnings for the day include CrowdStrike (CRWD [https://seekingalpha.com/symbol/CRWD]), Snowflake (SNOW [https://seekingalpha.com/symbol/SNOW]), and HP (HPQ [https://seekingalpha.com/symbol/HPQ]), among others.

Wall Street closed out Tuesday higher after being mostly muted throughout the day, even as President Donald Trump said he would dismiss Federal Reserve Governor Lisa Cook on Monday, following a mortgage fraud allegation.

"They (U.S. economists) don’t anticipate a titanic shift in near-term policy, as Cook had been one of the most dovish officials on the Committee already. However, there could be broader implications for the Fed, as it only takes a majority of the Board of Governors (rather than the wider FOMC that also includes 5 of the regional Fed Presidents) to adjust the interest rate on reserve balances," Deutsche Bank's Henry Allen.

Interestingly, equities advanced despite the news, with the S&P 500 closing just -0.04% beneath its record high. In part, that was because investors were still unsure if there’d actually be a radical policy shift at the Fed. But several data points also helped to support risk appetite, as they leant against the idea that the US economy was slowing down, particularly after the recent jobs report, Allen added.

Cook said she will sue Trump's administration to block her removal [https://seekingalpha.com/news/4489379-fed-gov-lisa-cooks-lawyer-says-she-will-sue-trump-admin-to-keep-her-job] after Trump announced his intention to dismiss her, citing alleged misconduct related to mortgages.

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