Wall Street opened cautiously on Wednesday as investors awaited two key catalysts: the latest Nvidia earnings outlook and the delayed U.S. jobs report, both expected to shape market sentiment heading into the end of the week. Major indexes hovered near the flatline, signaling a wait-and-see mood across markets.
U.S. Markets Pause Ahead of Key Data
The S&P 500 edged up 0.1% in early trading, showing slight stabilization after a four-day slide. The Dow Jones Industrial Average remained nearly unchanged, while the Nasdaq composite managed a modest 0.1% gain. With investor focus locked on the Nvidia earnings outlook, trading volume remained muted and cautious.
Still, earnings from major retailers helped support parts of the market. Lowe’s (NYSE:LOW) rose after posting stronger-than-expected summer profits and improving sections of its full-year guidance. TJX Companies (NYSE:TJX), the parent of TJ Maxx and Marshalls, also climbed after reporting better-than-expected results.
Investors, however, are still bracing for Thursday’s delayed U.S. jobs report for September—another key piece of data that could influence the Federal Reserve’s rate path.
Nvidia Takes the Spotlight
Nvidia (NASDAQ:NVDA), often considered the market’s AI bellwether and one of the most influential names in the S&P 500, announces earnings after the closing bell. The company’s booming AI chip demand has pushed its valuation above $5 trillion at certain points this year, underscoring just how central its performance has become to market direction.
Ahead of the announcement, Nvidia shares were up about 2% in pre-market trading. A strong Nvidia earnings outlook could provide relief to tech-heavy indices and possibly break the S&P 500’s recent losing streak. Weak guidance, however, could spark broader volatility given Nvidia’s outsized influence.
Mixed Corporate Moves Across Sectors
Not all corporate results were upbeat. Target (NYSE:TGT) slid 1.9% after reporting that its third-quarter profit fell sharply. The retail giant warned that its sales slump is likely to continue through the crucial holiday shopping period. Inflation-strained consumers have weighed heavily on Target’s performance, sending its shares down more than 40% over the past year.
Meanwhile, Constellation Energy (NASDAQ:CEG) jumped 3.4% after the U.S. Department of Energy approved a $1 billion loan to support the restart of its nuclear power plant at Three Mile Island in Pennsylvania. The facility is contracted to supply energy to Microsoft (NASDAQ:MSFT) data centers, a sign of rising power demand from tech infrastructure tied to AI expansion.
Global Markets Show Cautious Trading
International markets followed a similar pattern of caution while awaiting the Nvidia earnings outlook and U.S. data.
In Europe at midday, France’s CAC 40 rose 0.1%, Germany’s DAX gained 0.4%, and the FTSE 100 remained flat. The modest performance reflected global sensitivity to U.S. tech earnings, which often ripple into European equities.
Across Asia, results were mixed. Japan’s Nikkei 225 slipped 0.3%, Hong Kong’s Hang Seng dipped 0.4%, and Taiwan’s Taiex lost 0.7%. On the upside, China’s Shanghai Composite added 0.2%, reflecting selective optimism amid ongoing policy support.
Australia’s S&P/ASX 200 fell 0.3%, while South Korea’s Kospi declined 0.6%, weighed by global semiconductor uncertainty ahead of Nvidia’s report.
Energy Prices Decline
In commodities, crude oil prices retreated. U.S. benchmark crude fell 1.9% to $59.50 a barrel, while Brent crude dropped to $63.73. The pullback reflects softening demand expectations and lingering concerns about global growth.
What Comes Next for Markets?
With investors awaiting both the Nvidia earnings outlook and the delayed jobs report, volatility could return quickly. A strong showing from Nvidia may restore optimism in the AI-driven tech rally, while disappointing guidance could intensify broader market pressure.
For now, Wall Street remains steady—but investors know the calm may not last.
Featured Image – Freepik
