S&P futures advanced on Wednesday, influenced by a drop in oil prices, as market participants anticipated the forthcoming release of Nvidia’s first-quarter earnings report. Futures associated with the S&P 500 exhibited an increase of 0.4%, whereas Nasdaq-100 futures experienced a rise of 0.8%. Futures associated with both indexes had previously been operating in negative territory. Futures for the Dow Jones Industrial Average increased by 75 points, representing a rise of 0.2%. West Texas Intermediate futures declined by 1.9%, now trading at $102.14 per barrel. Brent crude experienced a decline of 2%, settling at $109.03.
Investors are focusing on Nvidia, which is set to report its first-quarter earnings after the market close. The report will offer a significant perspective on the artificial intelligence market and deliver the most recent insights regarding chip demand. Ben Snider observed that the chipmaker and AI favorite has accounted for approximately 20% of the S&P 500’s returns this year and nearly the same proportion of the broad market index’s earnings growth projected for 2026. “Thus, the figures they disclose tomorrow hold significant importance.
More broadly, investors across the Street — and indeed across asset classes — regard Nvidia as an indicator of the trajectory of the AI infrastructure buildout, and we will be observing developments closely,” Snider stated on Tuesday afternoon. Traders are anticipating the release of the minutes from the Federal Reserve’s April meeting, scheduled for Wednesday at 2 pm. Rising On Tuesday, bond yields exerted pressure on equities, leading to the S&P 500 and Nasdaq Composite recording their third consecutive decline. The 30-year U.S. Treasury yield briefly surpassed 5.19%, reaching its highest point in almost 19 years.
The 10-year Treasury yield reached a peak of 4.687%, marking its highest level since January 2025. Yields have surged in recent days following a series of economic reports from last week that suggested a potential resurgence of inflation, coupled with the unpredictable trajectory of the U.S.-Iran conflict and its implications for oil prices. However, yields moderated on Wednesday morning, as the 10-year Treasury yield decreased by 2 basis points.