Dow Futures Edge Higher, Investors Await Nvidia Earnings, Fed Minutes: NVDA, CEG, PLUG, TGT Among Stocks To Watch

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While Dow Jones futures were up by 0.13% at the time of writing, the S&P 500 futures fell 0.04%.

  • Analysts at Schwab said the focus will be on Nvidia’s forward guidance as the AI giant prepares to announce its third-quarter results on Wednesday.
  • Asian markets ended Wednesday’s trading session on a largely negative note, with the TWSE Capitalization Weighted Stock index declining the most at 0.66%.

U.S. stocks appear set for a positive opening on Wednesday, with investors awaiting results from AI bellwether Nvidia Corp. (NVDA) and the release of the Federal Open Market Committee’s (FOMC) minutes of the October meeting.

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“Investors have come to expect a beat or a raise every time Nvidia has an earnings release, so assuming Nvidia delivers again, expectations will be matched against the degree of beat, with emphasis on forward guidance,” said Nathan Peterson, director of derivatives research and strategy at the Schwab Center for Financial Research.

Beyond Nvidia earnings and the Fed minutes, the firm stated in a recent note that investors will also keep an eye on the September nonfarm payrolls report, due for release on Thursday.

Futures Mixed

While Dow Jones futures were up by 0.13% at the time of writing, the S&P 500 futures fell 0.04%, while the tech-heavy Nasdaq 100’s futures gained 0.14%. Futures of the Russell 2000 index were up by 0.16%.

Meanwhile, the SPDR S&P 500 ETF (SPY) was up by 0.32% at the time of writing, Invesco QQQ Trust (QQQ) gained 0.41% on Wednesday morning, and SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.15%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Asian Markets Largely Negative

Asian markets ended Wednesday’s trading session on a largely negative note, with the TWSE Capitalization Weighted Stock index declining the most at 0.66%, followed by KOSPI at 0.61%, the Hang Seng index at 0.31%, and the Nikkei 225 at 0.03%.

The Shanghai Composite index gained 0.18%.

Stocks To Watch

  • Nvidia Corp. (NVDA): Nvidia is set to report its third-quarter (Q3) earnings after the market closes on Wednesday. The company is expected to post earnings per share (EPS) of $1.26 on revenue of $54.62 billion, according to Stocktwits data. Nvidia shares were up nearly 1% pre-market.
  • Constellation Energy Corp. (CEG): Constellation Energy shares were up more than 3% pre-market after the company announced late Tuesday that it secured a $1 billion loan from the U.S. Department of Energy to finance the restart of the Three Mile Island nuclear power plant.
  • Plug Power Inc. (PLUG): Plug Power shares fell over 15% pre-market after the company announced a $375 million convertible notes offering that would dilute the stake of existing shareholders of the company.
  • Apart from Nvidia, Target Corp. (TGT), Lowe’s Cos. Inc. (LOW), and Palo Alto Networks Inc. (PANW) are among the companies scheduled to report their latest quarterly earnings on Wednesday.

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