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U.S. stock futures were little changed early Wednesday as investors looked ahead to the widely-anticipated release of Nvidia‘s latest earnings report.
Dow Jones Industrial Average futures inched higher by 3 points. Futures tied to the S&P 500 and Nasdaq 100 hovered near the flatline.
In extended trading, Urban Outfitters gained 5% after the clothing retailer posted beats on the top and bottom line in its latest quarter. Homebuilder Toll Brothers inched higher by 1% after surpassing analysts’ estimates and raising its full-year delivery guidance.
The moves followed the S&P 500 and Nasdaq Composite‘s new record-setting closes on Tuesday afternoon. The broader market index added 0.25%, while the tech-heavy Nasdaq gained 0.22%. The Dow Jones Industrial Average added 0.17%.
Nvidia was at the forefront of investors’ minds, as they looked ahead to the semiconductor giant’s quarterly report on Wednesday afternoon. The stock has rallied nearly 93% so far in 2024 and added 0.6% during Tuesday’s trading session.
The market rally has the potential to broaden beyond tech, but it will be important that the earnings season wrap up on a strong note, according to Charles Schwab’s chief investment strategist Liz Ann Sonders.
“We do need earnings to continue to come in well, because last year was all about multiple expansion without any benefit from earnings,” she said on CNBC’s “Closing Bell” Tuesday afternoon. “I think earnings do need to continue to catch up to where multiples are.”
Besides Nvidia, companies such as Target, Analog Devices, TJX and Raymond James Financial are also slated to post their latest results on Wednesday. Traders will also watch out for minutes from the latest Federal Open Market Committee meeting, as well as April’s existing home sales.
