Fixes typo to say the significance of Nvidia's quarterly report cannot be "overstated."
Main US indexes green; Nasdaq out front, up ~1%
Tech leads S&P 500 sector gainers; Staples weakest group
Euro STOXX 600 index up ~0.7%
Dollar rises; crude edges up; gold dips; bitcoin down ~1%
U.S. 10-Year Treasury yield flat at ~4.30%
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U.S. STOCKS CHIP AWAY AT RECENT LOSSES WITH NVIDIA RESULTS ON DECK
Wall Street's main indexes are higher early on Wednesday, after recent shaky trade, as investors await Nvidia's results after the closing bell to gauge the direction of AI demand, and while also focusing in on a crucial tax-cut proposal's progress through Congress.
The S&P 500 .SPX and Nasdaq composite .IXIC are both riding four-day losing streaks.
Nvidia's NVDA.O quarterly results and forecasts are likely to set the tone for artificial intelligence stocks that have dominated Wall Street. The launch of low-cost AI models from China's DeepSeek had rattled the industry in January and raised questions around Big Tech's heavy investments into the technology.
NVDA shares peaked in early January and are now down around 14% from their record intraday high:
Although the January 27th DeepSeek gap has been filled, bulls will want to see NVDA break its developing pattern of declining peaks and troughs from its high.
With the Magnificent Seven stocks posting an average decline of around 14% from their record highs, the significance of Nvidia's quarterly report cannot be overstated.
On the fiscal front, President Donald Trump's $4.5 trillion tax-cut and border security agenda will be sent to the U.S. Senate after passing the Republican-controlled House of Representatives.
Meanwhile, through Tuesday's close, the U.S. 10-Year Treasury yield US10YT=RR is down five days in row. The yield hit 4.281% earlier or its lowest level since December 12. The yield is now flat around 4.30%.
Traders are watching support at the 89-week moving average, which is now around 4.255%. The early December trough was at 4.126% and the lower weekly Cloud boundary is now around 4.10%.
Here is a snapshot of where markets stood around 1035 EST:
(Terence Gabriel)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
MORTGAGES: RATES DIP TO MULTI-MONTH LOWS, BORROWERS UNIMPRESSED - CLICK HERE
AHEAD OF NVIDIA RESULTS, NASDAQ COMPOSITE ON 4-DAY LOSING STREAK - CLICK HERE
WHERE TO MAKE SPACE FOR A EUROPE OVERWEIGHT? SELL BIG TECH - CLICK HERE
EUROPEAN AUTOS: GOOD NEWS COMING INTO SIGHT - CLICK HERE
WHO KNOWS WHERE THE EURO GOES, BUY VOL? - CLICK HERE
STOXX BACK AT RECORD HIGH - CLICK HERE
EUROPE BEFORE THE BELL: RISK-ON IN EUROPE, AFTER RISK-OFF IN US - CLICK HERE
MORNING BID EUROPE: NVIDIA RESULTS OFFER WINDOW INTO AI SPENDING - CLICK HERE
NVDA02262025 https://tmsnrt.rs/4iyLgUH
EarlyTrade02262025 https://tmsnrt.rs/3ER9JpE
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
