US pre-open: All eyes on Nvidia as futures inch higher
By Benjamin Chiou
Date: Wednesday 19 Nov 2025
(Sharecast News) - US stock futures were showing small gains ahead of the opening bell on Wednesday with markets attempting a mild recovery following the recent sell-off, though trading is likely to be rangebound ahead of what many view as the risk event of the quarter - Nvidia's latest earnings release.
The Dow was rising 0.1% early on, while the S&P 500 and Nasdaq Composite were up 0.3% and 0.4%, respectively. All three indices have faced heavy selling pressure over the past four trading sessions, with the Dow in particular slumping 4.5% after hitting a record high last week.
Nvidia's third-quarter earnings, due after the close on Wednesday, have been the main reason behind recent falls, according to analysts, with expectations already sky-high for the chip giant to impress the market. Nvidia futures were inching higher after recent falls, with the stock having dropped more than 10% since the start of the month.
Sentiment towards Nvidia has shifted in recent weeks after Japan's Softbank and Peter Thiel's fund both having recently sold big stakes, amid rising concerns about overstretched valuations in the AI and chip sectors. The share sales, however, could have been more to do with the stock rallying to record highs last month, as opposed to company fundamentals.
"Investors will breathe a sigh of relief that the market sell-off has lost momentum. Pockets of Europe and Asia were up on Wednesday, and futures prices imply a similar trend when Wall Street opens later today," said Russ Mould, investment director at AJ Bell.
"It's the good news everyone wanted. The key question is whether this is simply the calm before the storm. Nvidia reports tonight and the slightest bit of news to disappoint investors has the potential to whip up a tornado across global markets. Investors will be hanging on Jensen Huang's every word and looking for clues that big investment in AI is worth it."
Before Nvidia's results, however, markets will get to see the minutes from the October Federal Open Market Committee meeting as speculation builds around what policymakers will do at their next meeting. Building permits and housing starts data for October is also due for release.
On Thursday, the delayed September non-farm payrolls report will finally be out, amid increasing concerns that the expected lack of an October payrolls report may prompt the Fed to tread carefully on 9-10 December.
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