Markets Today: Nvidia Earnings, Indian Tariffs, French Political Risk in Focus
U.S. stock futures edged higher Wednesday as investors awaited Nvidia’s closely watched earnings, while fresh U.S. tariffs on Indian imports and renewed political turmoil in France weighed on global sentiment.
1. Nvidia earnings in focus
Nvidia (NASDAQ: NVDA) will report fiscal Q2 results after the close, with Wall Street looking for a 53% jump in revenue to $46 billion. The chipmaker’s outlook will be critical for gauging whether sky-high AI valuations remain justified, particularly amid risks tied to U.S.-China trade tensions. Nvidia has topped profit estimates in 11 of the past 12 quarters.
2. U.S. futures edge higher
At 03:00 ET, S&P 500 futures gained 0.1%, Nasdaq 100 futures rose 0.1%, and Dow futures added 0.1%. Major U.S. indexes closed higher Tuesday, positioning August for solid gains despite the month’s typically weak seasonality.
3. U.S.-India trade rift deepens
Washington’s 50% tariffs on Indian imports took effect after talks failed to reach a deal. The move, tied to India’s continued purchases of Russian oil, threatens an estimated 70% ($55B) of India’s U.S.-bound exports, according to Barclays.
4. France’s political turmoil
French markets remain under pressure after Prime Minister Francois Bayrou’s debt-reduction plan lost support, intensifying political gridlock. France’s CAC 40 is down more than 3% this week, while bond spreads versus Germany hit their widest since April.
5. Oil outlook softens
Oil prices steadied after sharp losses, with Brent at $66.66 and WTI at $63.27. Goldman Sachs projects Brent could slide to the low $50s by late 2026 amid a growing supply surplus.
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