NVDA Earnings on Deck

U.S. stock futures are relatively flat ahead of the Wall Street open after a late session rally pushed equities higher on Tuesday.

All eyes are on Nvidia (NVDA) today which reports earnings after the closing bell. Nvidia has the biggest weight in the S&P 500 (SPX, SPY) and Nasdaq-100 (NDX, QQQ) and is considered the bellwether in the broader market and the tech sector.

The chipmaker has beaten earnings expectations in 11 of past 12 quarterly reports, but the stock has had a downbeat post-earnings reaction four of those times, according to FactSet.

Morning Movers

Snapshot (as of 7 AM ET)

  • Oil (/CL) – Oil prices are flat near $63 a barrel, after falling in the previous session, as investors watched for fresh developments in the Ukraine war and weighed an industry report that showed a drop in U.S. crude inventories.

  • Gold (/GC) Gold prices are down 0.3% near $3425 as the dollar firmed and some investors booked profits from a more than two-week peak hit in yesterday’s session.

  • Bitcoin (/BTC)The Crypto Future is flat near $111,400 in premarket trading.

  • VIX The CBOE Volatility Index was down 1.1% on Tuesday and settled at 14.62 as stocks rallied late in the session.

  • U.S. Dollar (/DX) – The dollar is up around 0.5% to 98.6.

Biggest Premarket Movers

Symbol

Product

Mark % Change (as of 7 AM ET)

PLTR

Palantir

+1.88%

DDOG

Datadog

+1.73%

LLY

Eli Lilly

+1.16%

SJM

J.M. Smucker

-4.89%

PYPL

PayPal

-2.25%

SBAC

SBA Communications

-1.30%

Economic Data

Time

Event

7:00AM ET

MBA Mortgage Applications

10:30AM ET

Oil Inventories

11:45AM ET

Fed’s Barkin Speaks

1:00PM ET

5-Year Note Auction

Notable Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket Tomorrow

ANF, DCI, SJM, KSS, PLAB, RY, WSM

A, BILL, COO, CRWD, FIVE, GES, HPQ, NTAP, NTNX, NVDA, PSTG, SNOW, TCOM, URBN, VEEV

BBWI, BBY, BF/B, BURL, DKS, DG, HRL, LI, OLLI, TD, TITN, VSCO

AFRM, AMBA, ADSK, DELL, GAP, MRVL, WOOF, S, ULTA, BULL

Upgrades/Downgrades

  • HSBC upgrades Eli Lilly (LLY) to Hold from Reduce

  • Arete upgrades GlobalFoundries (GFS) to Neutral from Sell

  • Scotiabank upgrades Prologis (PLD) to Sector Perform from Underperform

  • JPMorgan downgrades Krispy Kreme (DNUT) to Underweight from Neutral

  • BofA downgrades SBA Communications (SBAC) to Neutral from Buy

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