US Stocks Edge Up on Tech Rebound Ahead of Nvidia Earnings
US stock index futures have inched up on Tuesday as technology stocks recovered from sharp declines in the previous session. The benchmark S&P 500 and the tech-heavy Nasdaq closed lower on Monday after a selloff in semiconductor shares. Investors are awaiting key inflation data and results from Nvidia's quarterly report, which is expected to show AI-driven demand remains robust.
The US Treasury's intervention has helped calm jitters over ballooning government debt and elevated oil prices. The 30-year Treasury yield reached a 19-year high last week, battering technology stocks and putting the three indexes in the red for the week. Nvidia is up 1.3% in premarket trading, while Meta is gaining 1%. Memory chipmaker Micron added 2.3%, and data-storage companies Western Digital and Sandisk rose 2.7% and 3%, respectively.
Markets largely shrugged off a US threat that countries continuing to trade with Iran could be forced out of the dollar-based finance system. No specific countries were named, and no timelines provided for when the penalties might take effect. Fed Chair Kevin Warsh's Jackson Hole speech on Friday will be closely watched for how the central bank approaches monetary policy amid the Treasury intervention and latest economic data.