U.S. stock futures moved higher on Wednesday morning ahead of chip giant Nvidia’s (NVDA) third-quarter results. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.28%, 0.24%, and 0.15%, respectively, at 8:15 a.m. EST on November 19.
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During Tuesday’s trading session, all three major indexes closed lower, led by declines in tech names including Nvidia, Palantir Technologies (PLTR), Microsoft (MSFT), and Advanced Micro Devices (AMD). Valuation concerns related to tech and artificial intelligence (AI) stocks continued to weigh on investor sentiment.
Investors await Nvidia’s earnings report after the market closes today, as the semiconductor company is expected to provide key insights into the demand backdrop in the AI market.
Turning to trending stocks, shares of Target (TGT) were down 2.6% in Wednesday’s pre-market trading as the big-box retailer lowered its full-year outlook due to a weak demand backdrop. Meanwhile, Lowe’s (LOW) stock jumped 5.5% after the home improvement retailer reported better-than-expected Q3 earnings.
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