Pre-Market Update: S&P 500 Futures Rise as Nvidia Earnings Loom and Bitcoin Edges Higher

TLDR

• US stock futures climbed Wednesday, with S&P 500 futures up 0.4% and Nasdaq 100 futures up 0.7%, as markets looked to end a three-day losing streak.
• All eyes are on Nvidia, reporting after the close, with analysts expecting a 79% jump in first-quarter sales and markets pricing in a roughly 5.5% move in either direction.
• Ongoing concerns about the Iran war driving inflation and the possibility of Federal Reserve interest rate hikes have weighed on markets and pushed bond yields higher.
• The 10-year Treasury yield edged down 2 basis points to 4.65% in early trading, offering some relief to stocks.
• Bitcoin edged up 0.2% to $77,310 over the past 24 hours, with gains limited by Iran war uncertainty.

US stock futures moved higher on Wednesday morning as Wall Street counted down to Nvidia’s first-quarter earnings report, due after the closing bell.

S&P 500 futures rose 0.4%, contracts on the Nasdaq 100 gained 0.7%, and Dow Jones futures were up 105 points, or 0.2%. All three major indexes had fallen for three straight sessions before Wednesday’s premarket bounce.

Investors have been worried about rising bond yields. The fear is that the Iran war has pushed inflation higher, which could force the Federal Reserve to raise interest rates later in 2026. Fed meeting minutes from April, set for release Wednesday, may shed light on how divided policymakers are on the rate question.

The 10-year Treasury yield fell 2 basis points to 4.65% in early trading, a small move that appeared to give stocks some breathing room.

Nvidia is the central story for the market right now. Analysts expect the chipmaker to report a 79% surge in first-quarter sales. Markets are pricing in a move of around 5.5% in Nvidia shares following the results, according to Bloomberg.

Stanley added that the results matter more now given that the market is “a bit tired from its recent gains” and faces fresh worries about bond yields and a potential rate hike.

Investors are also watching Nvidia for clues on whether Big Tech is still spending heavily on artificial intelligence infrastructure. The chipmaker is seen as a key indicator of broader AI demand.

Iran War and Fed Minutes Add to Uncertainty

The Iran conflict remains a key driver of market nerves. President Trump has threatened military action if a peace deal is not reached soon, while also saying the war will end “very quickly.”

There is no clear end in sight to the conflict, which has kept energy prices elevated and added to inflation pressures.

Oil prices fell on Wednesday. Brent crude was down 1.2% to $109.92 a barrel and West Texas Intermediate dropped 1.3% to $102.82 a barrel, as traders hoped some shipping could resume through the Strait of Hormuz.

The dollar was up 0.1% against a basket of currencies. Bitcoin rose 0.2% to $77,310 over the past 24 hours. Gains were limited by the same geopolitical uncertainty weighing on other risk assets.

On the retail side, Target reported strong first-quarter results Wednesday, part of a broader wave of earnings from retailers navigating higher energy costs and stretched consumer budgets.

The Fed minutes are due Wednesday afternoon. They could reveal how seriously policymakers are considering rate hikes given persistent inflation, which would be a key data point for rate-sensitive growth stocks, including AI names.

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