Nvidia in Focus as Markets Rebound Ahead of Earnings

US equity futures are moving higher this morning as investors shift their attention toward earnings from NVIDIA Corporation due after the close today. Technology shares are attempting to stabilise following recent weakness, with AI-linked names likely to remain highly sensitive to Nvidia’s outlook and guidance. Meanwhile, inflation data from the UK added to the growing narrative that price pressures may not be accelerating as much as feared globally.

UK consumer prices (2.8% vs Street 3.0% and previous 3.3%) came in softer than expected, echoing yesterday’s Canadian inflation data. On the corporate front, US retailer earnings continue to come in ahead of expectations, led this morning by Lowe’s ($3.03 vs Street $2.97) and Target Corporation ($1.71 vs Street $1.47).

NASDAQ futures are up 0.6% while Dow futures are gaining 0.2% ahead of the open.

Overseas, trading was mixed overnight. In Asia, the Nikkei declined 1.2% while the Hang Seng slipped 0.5%. European markets are modestly higher this morning with the DAX up 0.4% and the FTSE advancing 0.1%.

In commodities, Crude Oil is down 1.9%, although it continues to trade above $100.00/bbl. Gasoline is lower by 2.1%, Gold is down 0.3%, while Copper is adding 0.7%. Silver is also moving higher, up 1.0%.

In fixed income and currencies, the US 10-year treasury note yield is holding steady near 4.60% while the US 30-year treasury note yield continues to climb toward 5.20%. The USD is little changed overall today. The Euro is down 0.1% while the Canadian Dollar is up 0.1%.

Looking ahead, US retailer earnings continue tomorrow with results from Walmart. However, today’s primary focus remains on Nvidia earnings after the close, which may have a significant impact on AI-related shares in particular and technology stocks more broadly.

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