Traders work on the New York Stock Exchange (NYSE) floor on November 12, 2024 in New York City.
Spencer Platt | Getty Images
Stock futures ticked higher on Wednesday, as investors looked toward a key earnings report from tech giant Nvidia.
Futures tied to the Dow Jones Industrial Average ticked up by 73 points, or 0.2%. S&P 500 futures advanced 0.1%, along with Nasdaq-100 futures.
Nvidia is set to report after the close. Investors will look for demand details on the company’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.”
Retailers Target and TJX are also due to report Wednesday.
Investors will also listen for commentary from Federal Reserve Governors Lisa Cook and Michelle Bowman, as well as Boston Fed President Susan Collins.
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.
— Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
