Traders work on the floor of the New York Stock Exchange (NYSE) on November 12, 2024 in New York City.
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Stock index futures edged higher on Wednesday morning as investors focused on a key earnings report from technology giant Nvidia.
Futures and Dow Jones Industrial Average It rose 67 points, or about 0.15%. S&P 500 Index Futures rose 0.12%, while Nasdaq 100 Futures It rose slightly by 0.09%.
In after-hours trading, stocks Comcast An increase of more than 2%. The telecom giant is expected to announce a spinoff of its cable networks, including MSNBC and CNBC, on Wednesday, a person familiar with the matter told CNBC’s Julia Boorstin on Tuesday. The separation is expected to take about a year. The news was first reported by wall street journal.
In regular trading on Tuesday, NVIDIA The company’s shares rose nearly 5% as investors anticipated the chip company’s latest results. Rising shares of Nvidia helped boost Nasdaq Index to 1% gain and S&P 500 Index up 0.4%.
On Wednesday afternoon, investors were looking forward to more than just better-than-expected third-quarter results from Nvidia. They want details about demand for Nvidia’s Blackwell AI chips, which CEO Jensen Huang last month called “crazy.” Given its $3.6 trillion market capitalization, the semiconductor giant’s performance will likely set the tone for the rest of the week for the S&P 500 and Nasdaq Composite.
“I’ve been a little bit inclined lately to look to expand trades and fade away some of these big names,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, told CNBC’s “Fast Money” on Tuesday. What is generally seen in the data is that despite the pushback in the value trade, large-cap growth stocks continue to come back and demonstrate their earnings dominance.”
On the earnings front, investors are also awaiting results from retailers Target and Tian Jiaxing. Both companies are scheduled to report earnings on Wednesday morning.
Investors will also hear comments from Fed Governors Lisa Cook and Michelle Bowman and Boston Fed President Susan Collins.
— Revealed: Comcast owns NBCUniversal, the parent company of CNBC.
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