Stock Futures Flat as Wall Street Braces for Nvidia Earnings and Yield Surge

Stock futures were barely moving Sunday evening after Wall Street closed out a historic week, CNBC reported, with attention now fixed on Nvidia earnings and a sharp rise in global bond yields. Dow futures fell roughly 100 points. S&P 500 and Nasdaq-100 futures hovered near the flatline.

A Record Week Ends With a Friday Stumble

The S&P 500 and Nasdaq both reached fresh all-time highs last week. The Dow briefly crossed 50,000. But Friday reversed some of those gains sharply. Tech stocks, which had driven the broader rally, took a notable hit. The Nasdaq-100 fell 1.5% on Friday alone, its steepest single-session drop since late March. The culprit was a synchronized surge in long-dated government bond yields across major economies.

Global Bond Markets Send a Warning

The U.S. 30-year Treasury yield climbed to its highest point in roughly a year. Across the Atlantic, the U.K.’s 30-year Gilt yield reached levels unseen since the late 1990s. Long-dated Japanese yields also pushed higher. Elevated oil prices added pressure. West Texas Intermediate futures rose about 1.8% to $107.26 per barrel Sunday. Brent crude advanced to $110.47. Ongoing U.S.-Iran hostilities, including a Strait of Hormuz closure, are keeping energy markets tense.

Fed Rate Cuts Grow More Distant

The rate outlook darkened further after last week’s inflation data. Ed Yardeni, president of Yardeni Research, told CNBC that markets now expect rates to stay higher for longer. He noted that even with political pressure on newly appointed Fed Chair Kevin Warsh, the macroeconomic environment no longer supports easing. G7 finance ministers are meeting in Paris Monday. Eurogroup President Kyriakos Pierrakakis said in a statement that reopening the Strait of Hormuz is critical to limiting the economic fallout from the conflict.

Nvidia and Retailers Set to Headline a Pivotal Week

Nvidia earnings arrive Wednesday alongside results from Target. Walmart reports Thursday. Fundstrat technical strategist Mark Newton said Friday’s session showed the first meaningful signs of bearish reversal after a 17% surge over seven weeks. Newton pointed to cross-asset volatility creeping back in as a warning signal for equity bulls. Whether Nvidia’s results can reinject momentum into a market that is showing early signs of fatigue will be the defining question of the week ahead.

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