The stock market has recovered some of its past losses while waiting for Nvidia’s earnings report.
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Wall Street bounced back from earlier losses of the week on Wednesday ahead of the latest earnings report from Nvidia, considered a pioneer in the artificial intelligence sector.
Before the bell, S&P 500 futures were up 0.3%, Dow Jones Industrial futures were up 0.1% and Nasdaq futures were up 0.4%.
Nvidia reports its earnings for the last quarter after the closing bell. The most influential stock on Wall Street, Nvidia, dictates the direction of the S&P 500 in a matter of days. The tremendous demand for its AI chips has helped it briefly exceed $5 trillion US in total value.
Before the market opened, the shares of the California company were up about two percent.
Meanwhile, Target fell 1.9 percent after third-quarter profit fell and the retailer said it expected its sales to continue to decline during the crucial holiday shopping season.
The Minneapolis company has struggled to lure buyers fed up with inflation and investors have punished it, with its shares falling 43 percent over the past year.
Lowe’s jumped more than five percent after the home improvement chain beat Wall Street’s profit target and raised its full-year guidance slightly.
Constellation Energy, under contract to supply power to data centers for tech giant Microsoft, jumped 3.4 percent after the US Energy Department said it would provide a US$1 billion loan to help restart Constellation’s nuclear power plant on Pennsylvania’s Three Mile Island.
Elsewhere in Europe at midday, France’s CAC 40 rose 0.1 percent, Germany’s DAX rose 0.4 percent and Britain’s FTSE 100 was unchanged.
In Asia, Japan’s benchmark Nikkei 225 slipped 0.3 percent to 48,537.70. Hong Kong’s Hang Seng fell 0.4 percent to 25,830.65, while the Shanghai Composite rose 0.2 percent to 3,946.74.
Australia’s S&P/ASX 200 fell 0.3 percent to 8,447.90, while South Korea’s Kospi fell 0.6 percent to 3,929.51. Taiwan’s Taiex fell 0.7 percent.
In energy trading, benchmark U.S. crude fell $1.17, or 1.9 percent, to $59.50 a barrel. International benchmark Brent crude fell $1.16 to $63.73 a barrel.
