Wall Street quietly tipped toward gains in premarket trading today at the start of a week featuring another full slate of corporate earnings and the government’s latest reading on inflation, according to the Associated Press. Futures for the S&P 500 and the Dow Jones Industrial Average were both up less than 0.1% before the bell.
The biggest earnings report this week will come Wednesday from Nvidia, whose shares are up 161% so far this year even after a month-long swoon this summer. Nvidia has been a big beneficiary of Wall Street’s mania around artificial intelligence, becoming one of the stock market’s most massive companies, with a total value topping $3 trillion. Real money has backed the rise, with tech companies furiously buying Nvidia’s chips to train their AI models.
When Nvidia reports its latest quarterly results, analysts will be looking for its revenue to have surged to $28.65 billion in the spring, up 112% from a year earlier. Critics say such stellar growth has set off too much euphoria among investors and raised concerns that Nvidia and other Big Tech stocks have grown too expensive.
In the bond market, the yield on the 10-year Treasury was steady at 3.81%, up a tick from Friday’s 3.80%. The two-year Treasury yield, which moves more closely with expectations for action by the Fed, was unchanged at 3.91%.
In energy trading, benchmark U.S. crude rose by $2.08 to $76.91 per barrel. Brent crude, the international standard, rose $2.13 to $80.28 per barrel.
The dollar slipped to 144.13 yen.
