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U.S. Stock Futures Hold Steady Ahead of Nvidia Earnings and Trump’s State of the Union

U.S. Stock Futures Hold Steady Ahead of Nvidia Earnings and Trump’s State of the Union. Source: The original uploader was RMajouji at English Wikipedia., CC BY 2.5, via Wikimedia Commons

U.S. stock index futures were little changed Tuesday evening as investors turned cautious ahead of highly anticipated earnings from Nvidia and President Donald Trump’s upcoming State of the Union address. Market participants are closely watching both events for signals on the direction of artificial intelligence stocks, trade policy, and broader economic momentum.

By 18:45 ET (23:45 GMT), S&P 500 futures hovered at 6,902.50 points, while Nasdaq 100 futures held near 25,031.0. Dow Jones futures were also steady at 49,221.0. The muted movement followed a solid session on Wall Street, where major indexes advanced as technology stocks rebounded from recent AI-driven losses. Investors appeared to reassess concerns about the long-term impact of artificial intelligence on the software sector.

Sentiment also improved after Trump imposed a lower-than-expected 10% import tariff, offering temporary relief following last week’s Supreme Court decision that struck down much of his broader tariff plan. However, uncertainty remains after the president introduced new levies under a different legal framework, which took effect Tuesday at a reduced rate compared to the initially proposed 15%.

In after-hours trading, HP Inc. fell 6.1% after issuing a weaker-than-expected 2026 outlook, citing pressure from U.S. trade regulations and rising memory chip prices. Workday declined 8% as its fiscal 2027 subscription revenue missed forecasts.

Earlier Tuesday, Wall Street closed higher, led by strength in chipmakers. AMD surged nearly 9% after announcing a major supply agreement with Meta, boosting confidence in semiconductor demand. The S&P 500 gained 0.8% to 6,890.11, the Nasdaq Composite climbed 1.1% to 22,863.68, and the Dow Jones rose 0.8% to 49,174.81.

Attention now shifts to Nvidia’s quarterly earnings report, due after Wednesday’s close. Analysts expect earnings per share of $1.52 on revenue of $65.56 billion, marking significant year-over-year growth. The results are widely viewed as a key indicator for AI stocks, semiconductor demand, and the broader tech sector outlook.

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