Stock market today: Dow, S&P 500, Nasdaq futures rise as earnings take center stage
US stock futures pushed higher on Wednesday amid a tough batch of corporate earnings and persistent trade uncertainty.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) rose 0.3%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) edged up 0.1%.
Chipmaker AMD (AMD) reported mixed results after the bell on Tuesday and said AI demand remains strong, but its stock fell 5% in premarket trading on Wednesday on costs tied to President Trump's changing stance on chip sales to China. Super Micro (SMCI) also saw its shares dive after an earnings miss highlighted growing competition in the AI server market. The stocks of EV makers Rivian (RIVN) and Lucid (LCID) tumbled too with both companies warning that the end of the EV tax credit would impact business.
In day trading, stocks fell as Trump continued to amp up trade threats and new economic data revealed the services sector had unexpectedly flatlined.
Read more: The latest on Trump's tariffs
On Wednesday, Disney (DIS) and McDonald's (MCD) are set to report earnings. Meanwhile, US trade partners are scrambling to strike trade deals before Trump's new tariff deadline arrives Thursday.
LIVE2 updates-
Brian Sozzi
How to think about Nvidia following AMD EPS sell-off
Advanced Micro Devices (AMD) is off by 5% pre-market following EPS last night.
Some squishy areas of the results such as margins falling and mixed third quarter guidance. Demand seemed OK to me.
If there is one read through from the report to Nvidia's (NVDA) August 27 earnings day it's this: China chip risk will remain high in the near-term. That may suggest similarly mixed guidance from Nvidia when it reports.
If there is a positive here, this risk is being priced into Nvidia shares today after the AMD results.
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Brian Sozzi
And we are still watching Palantir!
After a 7.85% post earnings pop on Tuesday, Palantir (PLTR) looks to be holding onto gains pre-market despite mixed results out of Advanced Micro Devices (AMD) last night.
It's going to be hard to shake the Palantir bulls in the near-term. Palantir had the type of shocking quarter than ignited the Nvidia trade more than a year ago. Factor in the potential for a rate cut at the September Fed meeting that could fuel momentum stocks, and the setup on Palantir looks bright...until it doesn't.
"We believe in the next few years Palantir has the potential to be a trillion dollar market cap as the AI Revolution takes hold," said Wedbush analyst Dan Ives.
Palantir's current market cap: $411 billion.
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