Nvidia Earnings in Focus as Futures Climb and Treasury Yields Ease

CNBC reported Wednesday that S&P 500 futures gained ground ahead of the opening bell, helped by retreating oil prices and cautious optimism around Nvidia‘s first-quarter results due after the close.

Futures tied to the S&P 500 rose 0.4% in early trading. Nasdaq-100 contracts advanced 0.8%, reversing earlier losses. Dow Jones futures were up roughly 200 points. Both index futures had opened in negative territory before flipping higher.

Oil Slide Offers Brief Relief

Crude prices stepped back sharply, with West Texas Intermediate futures dropping around 2% to just above $101 per barrel. Brent crude fell close to 3%, trading near $108. The pullback offered some breathing room for equity markets that have been rattled by energy-driven inflation fears and the uncertain course of the U.S.-Iran conflict.

Nvidia Report Seen as AI Bellwether

All eyes Wednesday were fixed on Nvidia’s quarterly print. Ben Snider, chief U.S. equity strategist at Goldman Sachs, told CNBC that the chipmaker has accounted for roughly 20% of the S&P 500’s total returns this year and a comparable share of the index’s overall earnings growth. Snider described the report as a critical read on the broader AI infrastructure buildout, noting that investors across asset classes treat Nvidia as a leading signal for the sector’s health.

The semiconductor space had already started to recover by mid-morning. The iShares Semiconductor ETF advanced more than 2%, with Marvell Technology up over 5% and Intel gaining more than 4%.

Bond Market Background

Treasury yields had rattled stocks through much of the prior week. The 30-year yield briefly touched 5.19%, a level not seen in nearly 19 years. The 10-year yield hit 4.687% at its intraday peak, the highest since early 2025. The spike followed a string of economic data suggesting inflation could be reaccelerating. By Wednesday morning, however, yields had eased, with the 10-year falling around 3 basis points. The S&P 500 and Nasdaq Composite had each posted three consecutive losing sessions before the Wednesday rebound attempt.

Earnings Bright Spots Lift Sentiment

Several corporate results provided additional support. Mediterranean restaurant chain Cava jumped more than 7% in premarket trading after beating first-quarter profit and revenue estimates and lifting full-year guidance. Discount retailer TJX Companies surged 4% following a similarly strong quarterly beat, though its near-term guidance came in slightly below expectations.

Traders were also watching for the Federal Reserve’s April meeting minutes, scheduled for release at 2 p.m. Eastern time, for clues on the rate path amid renewed inflation concerns.

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