S&P, Dow Jones futures rise ahead of Nvidia earnings

US equity markets ticked higher on Wednesday as investors looked toward a pivotal earnings release from Nvidia, while assessing the broader outlook for artificial intelligence spending and renewed tariff uncertainty.

Stock futures pointed modestly higher in early trading.

Futures tied to the Dow Jones Industrial Average rose about 77 points, or 0.16%, while S&P 500 futures added 0.17% and Nasdaq-100 futures gained roughly 0.23%.

The small gains followed a rebound in Tuesday’s regular session, when the S&P 500 climbed nearly 0.8%, the Nasdaq Composite rose about 1%, and the Dow Jones Industrial Average advanced 370 points, or around 0.8%.

Markets stabilize as AI fears ease

Tuesday’s rally was led by technology and semiconductor shares as investors briefly stepped back from concerns about artificial-intelligence disruption across multiple industries.

Advanced Micro Devices surged nearly 9% after Meta Platforms announced a multiyear agreement with the chipmaker.

Software and cybersecurity companies also staged a relief rally after Anthropic launched new connectors and plugins for its knowledge-worker tool, Claude Cowork, allowing companies to integrate the system with applications such as Google Drive.

The iShares Expanded Tech-Software Sector ETF (IGV) gained 1.9% in the session, though it remains down more than 25% this year.

Volatility has characterized February trading, with investors questioning whether heavy artificial-intelligence spending by major technology firms will translate into earnings growth.

Goldman Sachs analysts noted that market participants are still trying to identify which companies will benefit meaningfully from AI productivity gains.

“Investors are searching for long-term 'winners' that will use AI to become more productive, but very few companies have quantified the impact on earnings,” Goldman Sachs analysts said in a note.

Nvidia earnings in focus

Attention is centered on Nvidia’s quarterly results due after Wednesday’s market close, along with earnings from Salesforce and Snowflake.

Investors are seeking confirmation that the chipmaker’s profits continue to expand alongside large capital-spending plans by major technology companies.

Nvidia's shares were up 0.93% in premarket trading.

Big Tech is projected to spend about $630 billion on AI infrastructure in 2026.

Premarket trading reflected mixed corporate reactions.

Axon Enterprise jumped 15% after surpassing profit expectations, while Workday fell 9.8% after forecasting weaker subscription revenue.

First Solar and HP Inc fell 16.97% and 5.6%, respectively, following cautious outlooks.

Tariffs and policy uncertainty linger

Investors also monitored policy developments.

US President Donald Trump highlighted stock market gains during his State of the Union address and said many countries want to maintain tariff and investment agreements with the United States.

A 10% global import duty took effect Tuesday after a Supreme Court ruling limited earlier tariff measures, while the president previously suggested tariffs could eventually rise to 15%, though the timing remains unclear.

Geopolitical tensions, including developments involving Iran, added another layer of uncertainty.

Meanwhile, Federal Reserve officials scheduled to speak this week could provide clues about the interest-rate outlook after policymakers recently signaled no immediate plans to adjust monetary policy.

With AI valuations, tariffs, and corporate earnings all in play, Nvidia’s results are widely viewed as a near-term test of whether the market’s technology-driven rally can continue.