Stock futures tick higher as Wall Street gears up for Nvidia’s quarterly results: Live updates
Traders work on the New York Stock Exchange (NYSE) floor on November 12, 2024 in New York City.
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Stock futures ticked higher on Tuesday evening, as investors looked toward a key earnings report from tech giant Nvidia.
Futures tied to the Dow Jones Industrial Average ticked up by 76 points, or about 0.2%. S&P 500 futures advanced about 0.2%, while Nasdaq 100 futures also inched higher by 0.2%.
In after-hours action, shares of Comcast rose more than 2%. The telecommunications giant is expected to announce on Wednesday a spin off of its cable networks, including MSNBC and CNBC, a source familiar told CNBC’s Julia Boorstin on Tuesday. The separation is expected to take roughly a year. The news was first reported by The Wall Street Journal.
During regular trading on Tuesday, shares of Nvidia advanced nearly 5% as investors anticipated the chip company’s latest results. The jump in Nvidia shares helped lift the Nasdaq Composite to a 1% gain and the S&P 500 to a 0.4% advance.
Investors are looking for more than just third-quarter earnings beats from Nvidia on Wednesday afternoon. They want details on demand for Nvidia’s Blackwell AI chips, which CEO Jensen Huang last month characterized as “insane.” How the semiconductor giant fares – given its market capitalization of $3.6 trillion – could set the tone for the S&P 500 and the Nasdaq Composite for the rest of the week.
“Recently I’ve been sort of inclined to look for the broadening trade and fade some of these big names,” RBC Capital Markets head of U.S. equity strategy Lori Calvasina said Tuesday on CNBC’s “Fast Money.” “What I am generally seeing in my data is that even though the value trade fights back, the megacap growth names keep coming back and showing their earnings dominance.”
On the earnings front, investors are also awaiting results from retailers Target and TJX. Both companies are set to report on Wednesday morning.
Investors will also listen for commentary from Federal Reserve Governors Lisa Cook and Michelle Bowman, as well as Boston Fed President Susan Collins.
— Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
