U.S. stock futures eked out gains on Wednesday following Monday’s advances. Futures of major benchmark indices were largely higher.
Investors await Nvidia Corp.‘s NVDA earnings, scheduled to be released after the closing bell today. The four-billion-dollar tech giant’s earnings will serve as a barometer for market strength and verdict of AI spending.
Meanwhile, Federal Reserve Governor Lisa Cook will be filing a lawsuit to prevent her firing by President Donald Trump, according to a lawyer hired by the central bank official.
The 10-year Treasury bond yielded 4.26% and the two-year bond was at 3.65%. The CME Group’s FedWatch tool‘s projections show markets pricing an 87.3% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
| Futures | Change (+/-) |
| Dow Jones | 0.06% |
| S&P 500 | 0.04% |
| Nasdaq 100 | 0.03% |
| Russell 2000 | -0.06% |
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Tuesday. The SPY was up 0.088% at $645.73, while the QQQ advanced 0.054% to $572.92, according to Benzinga Pro data.
Cues From Last Session
Overall, the market saw a positive performance on Tuesday, with the majority of sectors ending the day in the green, signaling broad-based investor confidence.
The Industrials sector was the standout performer, surging by 1.03%. This was followed closely by the Financials sector, which posted a solid gain of 0.76%. Other sectors contributing to the positive market sentiment included Health Care, Information Technology, Consumer Discretionary, Materials, and Utilities (+0.22%).
However, not all sectors shared in the day’s gains. The Consumer Staples sector was the biggest laggard, declining by 0.46%. Other sectors that ended in negative territory were Real Estate, Communication Services, and Energy.
On the economic front, while durable-goods orders in July fell by 9.3%, the decline was smaller than the 10.4% drop that had been forecasted. This follows a significant 16.5% increase in orders back in June.
Consumer confidence in August dipped ever so slightly as more consumers expect annual inflation to rebound.
The Dow Jones index ended 136 points or 0.30% higher at 45,418.07, whereas the S&P 500 index rose 0.41% to 6,465.94. Nasdaq Composite advanced 0.44% to 21,544.27, and the small-cap gauge, Russell 2000, gained 0.93% to end at 2,358.60.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 0.44% | 21,544.27 |
| S&P 500 | 0.41% | 6,465.94 |
| Dow Jones | 0.30% | 45,418.07 |
| Russell 2000 | 0.93% | 2,358.60 |
Insights From Analysts
Economist Justin Wolfers criticized President Trump’s characterization of surging tariff revenues as a budget “windfall,” saying that American businesses and consumers will eventually bear the costs.
On Tuesday, in a post on X, Wolfers shared a snippet featuring his latest appearance on CNN’s The Lead With Jake Tapper, where he argued against Trump’s claims.
“Calling tariff revenue a ‘windfall’ is like calling your speeding ticket a bonus for the police budget,” Wolfers said, adding that while the tariffs might be a source of revenue for the U.S. Federal Government, they are a tax for consumers and businesses. “But for you, it’s a tax.”
Last week, Trump celebrated a report by the Congressional Budget Office, which said that the tariffs that this administration imposed will reduce primary deficits by $3.3 trillion through 2035, which, in addition to $700 billion in lower interest costs, could lead to a total reduction of $4 trillion.
The second quarter 2025 earnings from major U.S. retailers, reported last week, reveal a complex consumer landscape shaped by tariff uncertainties and shifting spending habits. “Retail earnings offer valuable insights into the overall health of the U.S. economy and consumer behavior,” notes Jeff Buchbinder, Chief Equity Strategist at LPL Research.
According to LPL Research and FactSet data, results were mixed, with discount retailers outperforming higher-end peers as consumers prioritized value and delayed major purchases.
Tariffs announced in April 2025 sparked a market sell-off, with the S&P 500 dropping over 12% in a week. Retailers faced margin pressures or reduced demand from passing costs to consumers.
“While the initial tariff rates announced on April 2 have since come down, the effective global tariff rate is still projected to be in the mid-to-high teens,” Buchbinder explains, highlighting potential impacts on retailers’ bottom lines.
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Upcoming Economic Data
Here’s what investors will be keeping an eye on Tuesday;
- No data release or economic event is scheduled on Wednesday.
Stocks In Focus
- Nvidia Corp. NVDA was up 0.45% in premarket on Wednesday as it is expected to report earnings after the closing bell. Analysts estimate earnings of $1.00 per share on revenue of $45.89 billion.
- MongoDB Inc. MDB surged 30% as it reported quarterly earnings of $1 per share, which beat the analyst estimate of 66 cents, and quarterly revenue clocked in at $591.4 million, which beat the Street estimate of $552.45 million.
- nCino Inc. NCNO jumped 9.86% after reporting revenue of $148.8 million, up 12% year over year, and guiding for the third quarter revenue in the range of $146 million to $148 million.
- PVH Corp. PVH rose 7.82% as it reported earnings of $2.52 per share, which beat the analyst estimate of $2.00. Quarterly revenue of $2.17 billion beat the $2.12 billion Street estimate.
- Okta Inc. OKTA advanced 5.61% after reporting second-quarter revenue of $728 million, beating analyst estimates of $712.01 million. Its adjusted earnings of 91 cents per share beat analyst estimates of 84 cents per share.
- Elanco Animal Health Inc. ELAN gained 4.97% after announcing its participation in the upcoming Morgan Stanley 23rd Annual Global Healthcare Conference, scheduled for Sept. 8-9.
- Snowflake Inc. SNOW was up 4.65% as it is expected to report earnings after the closing bell. Analysts estimate earnings of 27 cents per share on revenue of $1.09 billion.
- Olaplex Holdings Inc. OLPX moved 0.68% higher after acquiring Boston-based biotech company Purvala Bioscience, marking the haircare brand’s first acquisition since its launch over ten years ago.
Commodities, Gold, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 0.36% to hover around $63.02 per barrel.
Gold Spot US Dollar fell 0.28% to hover around $3,384.24 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was 0.38% higher at the 98.5960 level.
Asian markets ended mixed on Wednesday, as India’s S&P BSE Sensex, Hong Kong’s Hang Seng, and China’s CSI 300 indices fell. While Australia’s ASX 200, Japan’s Nikkei 225, and South Korea’s Kospi indices rose. European markets were also mixed in early trade.
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