Dow Jones Futures Rise After Trump Speech; Nvidia Earnings Loom

2026-03-07 16:53:48

Dow Jones futures rose modestly Wednesday morning, along with S&P 500 futures and Nasdaq futures. Nvidia (NVDA) earnings loom large, after President Donald Trump’s State of the Union address Tuesday night.

The stock market rebounded Tuesday after Monday’s sell-off, with the Dow Jones regaining key support. Software stocks bounced as Anthropic mended fences with key players, but the sector is in a long slide. Chip stocks continued to fare well Tuesday.

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Advanced Micro Devices (AMD) jumped on a big deal with Meta Platforms (META), with Taiwan Semiconductor (TSM) and Monolithic Power (MPWR) also notable winners.

Nvidia stock rose slightly, just below a buy point ahead of Wednesday night’s results. The AI chipmaker’s earnings will have a huge impact on the broad AI ecosystem.

Nvidia stock is on Leaderboard. Taiwan Semiconductor and Monolithic Power stock are on the IBD 50. Taiwan Semiconductor stock and Nvidia are on IBD Sector Leaders. Monolithic Power was Tuesday’s IBD Stock Of The Day.

Dow Jones Futures Today

Dow Jones futures were 0.4% above fair value. S&P 500 futures climbed 0.4%, signaling the index will move above its 50-day line. Nasdaq 100 futures rose 0.5%.

The 10-year Treasury yield edged up to 4.06%.

Crude oil futures rose slightly.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Trump State of the Union Speech

President Trump defended his economic record and other policies in his State of the Union address, arguing that “inflation is plummeting” and the economy “roaring.”

He said last week’s Supreme Court decision on IEEPA tariffs was “totally” wrong but said he’ll use other tariff laws. Trump imposed a new global tariff with a 10% rate starting Tuesday, though he has said that will go to 15%.

President Trump stressed that he will never let Tehran have a nuclear weapon. The U.S. and Iran are in talks, but a major U.S. military buildup has taken place.

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Earnings Overnight

Workday (WDAY), Globus Medical (GMED), Astronics (ATRO), TransMedics (TMDX), SPX Technologies (SPXC) and Cava (CAVA) reported Tuesday night.

Before the open, Medline (MDLN) posted earnings for the first time since its December IPO. Lowe’s (LOW), Ionis Pharmaceuticals (IONS), TJX Cos. (TJX) and LivaNova (LIVN) also released financials early Wednesday.

Cava and TransMedics were big earnings winners overnight, both signaling entries.

Globus Medical rose slightly, eyeing an early entry.

Workday stock tumbled in extended action. Shares have plunged in the last three months, hitting their worst levels on Monday since the Covid low.

Astronics fell modestly after closing near buy points. Lowe’s, Ionis and SPX stock declined solidly after finishing in buy range. LivaNova edged lower, perhaps back into buy range. MDLN stock fell solidly from record highs.

TJX lost a fraction, near a breakout.

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Stock Market Rally

The stock market rally had a solid bounce Tuesday, but in the context of Monday’s sell-off and an ongoing up-and-down trend.

The Dow Jones Industrial Average rose about 0.8% in Tuesday’s stock market trading, regaining its 50-day moving average. Meanwhile, the S&P 500 index also climbed 0.8%, just short of its 50-day line. The Nasdaq composite popped 1%, still below its 21-day and 50-day lines. And the small-cap Russell 2000 rallied 1.2%, rebounding from near its 50-day line to just above its 21-day.

The Invesco S&P 500 Equal Weight ETF (RSP) gained 0.8%, moving from its 21-day line, close to record levels.

Chip stocks were strong. Meta agreed to buy tens of billions of dollars worth of AI chips from AMD, which will give Meta warrants for up to 160 million shares of stock. AMD stock jumped 8.8%, still below its 50-day line. Last week, Meta announced a big AI chip deal with Nvidia, with no equity involved.

On Tuesday, Nvidia stock edged up 0.7% to 192.68, just below a 194.49 early entry. The consolidation buy point is 212.19.

Taiwan Semiconductor, which makes Nvidia and AMD chips, popped 4.25% to a new high, topping a $2 trillion market cap. Monolithic Power climbed 2% to 1,213.67, flirting with an early entry in a shelf just above a prior base.

More broadly, AI infrastructure stocks had a strong session heading into Nvidia earnings Wednesday night.

Software stocks bounced a bit Tuesday as AI startup Anthropic touted how its Claude tools can work with various vendors. But that’s after months of heavy losses as Anthropic and others threaten to disrupt software and many other sectors.

U.S. crude oil prices fell 1% to $65.63 a barrel.

The 10-year Treasury yield was little changed at 4.03%.

Futures: Nvidia Rises On Earnings After S&P 500 Regains Key Level

ETFs

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) jumped 1.9%, with Workday a member. The VanEck Vectors Semiconductor ETF (SMH) rose 1.5%. Nvidia stock is the No. 1 holding in SMH, with AMD, Taiwan Semiconductor also big components. MPWR stock is a member.

ARK Innovation ETF (ARKK) jumped 3% and ARK Genomics ETF (ARKG) gained 2.7%.

SPDR S&P Metals & Mining ETF (XME) advanced 1.4%. U.S. Global Jets ETF (JETS) ascended 1.1%. SPDR S&P Homebuilders ETF (XHB) stepped up 0.6%. The Energy Select SPDR ETF (XLE) dipped 0.15% and the Health Care Select Sector SPDR Fund (XLV) fell 0.4%.

The Industrial Select Sector SPDR Fund (XLI) was up 1.2%. And the Financial Select SPDR ETF (XLF) climbed 0.5%.

Best Growth Stocks To Buy And Watch

What To Do Now

Tuesday’s rebound from Monday’s market tumble was nice, but the S&P 500 and Nasdaq remain on the wrong side of their 50-day lines. The sideways action of the past few months continues to be challenging. There’s enough strength to lure investors in, but plenty of short-term weakness to shake them out.

Investors should be cautious about new buys, especially with Nvidia earnings looming. There are still good reasons to have modest-to-significant exposure from long-term winners and recent purchases that are working.

Keep updating watchlists and stay engaged. When a new market uptrend takes hold, you want to be ready.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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