Stocks steady as traders look ahead to Nvidia: Markets Wrap

by Robert Brand and Andre Janse van Vuuren 

European stocks found their footing after days of losses as investors awaited Nvidia Corp.’s earnings for an update on the artificial intelligence boom that has powered equity gains this year. 

The Stoxx 600 index edged 0.2% higher after falling more than 1% over the previous two sessions. France’s benchmark outperformed, bouncing back from a selloff driven by political upheaval. Futures on the S&P 500 and Nasdaq 100 were little changed. Nvidia rose 0.5% in premarket trading. 

There’s been plenty to rattle markets in recent days, including French politics and the Trump administration’s attacks on the Fed, as well as fresh tariff threats. But investors are now honing in on Nvidia’s earnings, due after the bell. The chipmaking giant is expected to provide clues on the sustainability of massive AI spending, and how the US-China rivalry is limiting growth.  

“Today’s focus would be on Nvidia earnings, which is likely to set the tone for risky assets over the coming days,” said Mohit Kumar, chief European strategist at Jefferies International. “Overall, we remain bullish on the tech sector as we believe that we are just in the initial phases of the AI business cycle. Our worry for equities is still positioning. We would wait for a bit of cleanup.” 

The dollar rose 0.3% against major peers, recovering Tuesday’s loss that followed President Donald Trump’s push to oust Federal Reserve Governor Lisa Cook. Gold fell 0.3%. Government bonds steadied after long-dated debt from the US to France and the UK retreated Tuesday, with the yield on 10-year Treasuries little changed at 4.26%. 

Dimming the excitement is uncertainty over how much business Nvidia will be able to do in China. The US government has curbed China’s access to Nvidia products on national security grounds. While the Trump administration recently eased some of those export restrictions, Beijing has pressed domestic customers to seek alternative suppliers.  

“Nvidia’s results transcend the company, becoming a barometer of macroeconomic activity, a talisman for the artificial intelligence trade, and a critical pressure point for global geopolitics,” wrote Kyle Rodda, a senior market analyst at Capital.com in Melbourne.  

Corporate News: 

• Nikon Corp.’s shares surged 21% after Bloomberg reported that EssilorLuxottica SA, the maker of Ray-Ban sunglasses, is exploring a potential deal to increase its stake in the Japanese optical equipment manufacturer. 
• Rio Tinto Group’s new chief executive officer has combined some of its biggest businesses as he looks to simplify the world’s No. 2 miner. 
• Vitol Group is set to load the first cargo of Syrian crude oil since the lifting of western sanctions on Damascus as the country’s energy industry attempts to recover of more than a decade of destruction from armed conflict. 

Some of the main moves in markets: 

Stocks 

• The Stoxx Europe 600 rose 0.2% as of 10:36 a.m. London time 
• S&P 500 futures were little changed 
• Nasdaq 100 futures were little changed 
• Futures on the Dow Jones Industrial Average were little changed 
• The MSCI Asia Pacific Index fell 0.4% 
• The MSCI Emerging Markets Index fell 0.5% 

Currencies 

• The Bloomberg Dollar Spot Index rose 0.3% 
• The euro fell 0.4% to $1.1595 
• The Japanese yen fell 0.3% to 147.88 per dollar 
• The offshore yuan fell 0.1% to 7.1614 per dollar 
• The British pound fell 0.2% to $1.3448 

Cryptocurrencies 

• Bitcoin fell 0.3% to $111,055.95 
• Ether rose 0.6% to $4,614.52 

Bonds 

• The yield on 10-year Treasuries was little changed at 4.26% 
• Germany’s 10-year yield declined two basis points to 2.71% 
• Britain’s 10-year yield declined two basis points to 4.72% 

Commodities 

• Brent crude fell 0.3% to $66.99 a barrel 
• Spot gold fell 0.3% to $3,383.28 an ounce 

This story was produced with the assistance of Bloomberg Automation. 

© 2025 Bloomberg L.P.