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U.S. stock futures fell again on Wednesday, while Treasury yields and the dollar held steady, as investors prepared for the release of minutes from the Federal Reserve's January policy meeting, as well as Nvidia's highly anticipated fiscal fourth-quarter earnings after the closing bell.
Nvidia (NVDA) The fortunes, which are closely linked to both the recent market rally and the broader outlook for ai-related technologies, will be in the spotlight later today when the group releases its January quarter earnings and outlook for the quarter. short-term income.
Dubbed “the hottest stock on planet Earth” by Goldman analysts, Nvidia has driven about a third of this year's 6.06% gain for the Nasdaq 100 and, along with Magnificent 7 peers Microsoft (MSFT) Amazon (AMZN) and metaplatforms (GOAL) has helped drive about 75% of the S&P 500's total return.
Analysts expect Nvidia to post a bottom line of $4.64 per share, a more than five-fold increase from the same period last year, with revenue up more than 240% to $20.62 billion. .
Nvidia shares, which are up more than 44% so far this year, fell 1.8% in premarket trading, indicating an opening price of $682.30 each.
Amazon shares will also be in the spotlight after the tech and e-commerce giant was linked to replace Walgreens Boots Alliance. (AMB) on the Dow Jones Industrial Average at the start of trading on February 26.
Amazon shares last rose 0.7% to $168.26 each, while Walgreens fell 2.9% to $21.66 each.
Outside of stocks, benchmark 10-year bond yields were little changed from last night's close at 4.273% ahead of today's Fed minutes, which will detail discussions surrounding the central bank's rate meeting. from January. Additionally, an auction of new 20-year bonds worth $16 billion will be scheduled later in the session.
“Traders will be very aware of any key language or dissent from the Fed chairs when the minutes are released,” said Jay Woods, chief global strategist at Freedom Capital Markets. “It could be eye-opening when it comes to thinking about a continued pause versus a cut or maybe even, dare I say, another increase in future meetings.”
The US dollar index, which tracks the dollar's performance against a basket of six global currencies, was last up 0.04% at 104.133.
On Wall Street, stocks are headed for another softer open following last night's tech-led declines, with futures tied to the S&P 500 suggesting a pullback of around 14 points at the open.
Futures linked to the Dow Jones indicate a drop of 76 points, while those linked to the Nasdaq are expected to drop 110 points at the start of trading.
In overseas markets, firm gains in stocks in China, driven in part by the country's ongoing measures to stabilize trade and boost the world's second-largest economy, helped the MSCI regional index excluding Japan rise 0.11 % at the close of operations.
Meanwhile, Japan's Nikkei 225 closed down 0.26% in Tokyo, boosted by outsize drops in chip and technology stocks ahead of today's Nvidia earnings report.
In Europe, HSBC shares fell more than 7% in London after the bank posted record full-year profits but missed analyst estimates after taking a $3 billion hit linked to his exhibition in China.
Britain's FTSE 100 was down 0.88% in early trading in London, while the regional benchmark Stoxx 600 index fell 0.13% in Frankfurt.
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