So here's the morning setup: U.S. stock futures are pointing higher on Wednesday, continuing the positive momentum from Tuesday's session. It's one of those mornings where the market seems to be shrugging off whatever might worry it and focusing on the next thing—which today happens to be a big batch of corporate earnings and some notable economic commentary.

The trading day follows President Donald Trump's 2026 State of the Union address, where he made some bold declarations about the economy. He said the "Golden Age of America" had arrived, claiming his administration achieved a "turnaround for the ages" by securing $18 trillion in global investment and driving core inflation down to 1.7%. He also touted 53 all-time stock market highs during his tenure.

Perhaps more interesting for market watchers were his policy teasers. He vowed to replace income tax with foreign tariffs—a move that would fundamentally reshape government revenue—and proposed launching "Trump Accounts" to provide every American child with a tax-free investment stake in the equity markets. Think of it as a 529 plan, but for stocks instead of college. The market implications of such a program, if implemented, would be enormous, creating a massive, forced buyer of equities for decades.

Meanwhile, Treasury Secretary Scott Bessent sidestepped questions about $134 billion in tariff refunds following the speech, instead slamming corporate lawsuits as "ultimate welfare." It's the kind of political-economic theater that keeps traders on their toes.

In the background, the bond market was relatively calm. The 10-year Treasury yielded 4.05%, and the two-year was at 3.47%. More importantly, the CME Group's FedWatch tool shows markets pricing a 98% likelihood of the Federal Reserve leaving interest rates unchanged in March. When the market is that certain about something, it usually means everyone's already positioned for it.

Here's how the futures were shaping up early Wednesday:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100 respectively, reflected this optimism. The SPY was up 0.16% at $688.42 in premarket trading, while the QQQ advanced 0.20% to $609.04.

Stocks on the Move

Now let's talk about the individual names making waves. It's a classic earnings story: sometimes you beat on the quarter but miss on the guide, and the market punishes you for the future, not the past.

Workday

Workday Inc. (WDAY) plunged 9.51% in premarket trading despite posting upbeat fourth-quarter earnings. The problem? Forward guidance that came in below estimates. It's the corporate equivalent of acing a test but telling your parents you'll probably fail the next one.

Market data indicates WDAY maintains a weak price trend over the long, short, and medium terms, though it does have a solid growth ranking. Today's guidance miss isn't helping that trend.

HP

HP Inc. (HPQ) dropped 5.16% after issuing second-quarter GAAP EPS guidance below estimates. The PC and printer market remains challenging, and the company's outlook suggests those challenges aren't going away soon.

According to market data, HPQ maintains a weak price trend across all timeframes, with a moderate value score. When guidance disappoints on top of an already weak trend, investors tend to head for the exits.

HSBC Holdings PLC

On the brighter side, HSBC Holdings PLC (HSBC) rose 4.43% after the global lender reported a 6% increase in net interest income to $34.8 billion for 2025. The bank also cut 10% of its U.S.-based debt capital, a move that likely pleased efficiency-focused investors.

Market data shows HSBC maintains a strong price trend over the short, medium, and long terms, with a solid quality score. Strong fundamentals meeting strong technicals—that's what bulls like to see.

Nvidia

All eyes are on Nvidia Corp. (NVDA) today. The chip giant was 0.44% higher in premarket trading as analysts expected it to post earnings of $1.53 per share on revenue of $65.87 billion after the market closes. That's billion with a B—Nvidia's revenue numbers have entered a different stratosphere.

Market data indicates NVDA maintains a strong price trend across all timeframes, though with a weak value score. That's the AI trade in a nutshell: incredible momentum, questionable valuation. Tonight's report will tell us if the momentum is justified.

Shell PLC

Shell PLC (SHEL) was 0.69% higher after signing a Memorandum of Understanding with METLEN Energy on Tuesday for cooperation in liquefied natural gas supply and trading. In the energy world, these partnership announcements often signal future revenue streams without committing to specific numbers yet.

Market data shows SHEL maintains a strong price trend over the long, medium, and short terms, with a solid value score. Energy stocks have been beneficiaries of the "everything rally" when it includes commodities.

Tuesday's Session in Review

To understand where we are, it helps to remember where we just were. On Tuesday, consumer discretionary, information technology, and industrials sectors led the S&P 500 higher, while energy and health care stocks trended lower. It was a risk-on kind of day.

Here's how the major indices finished:

Notice that the Russell 2000 small-cap index outperformed. That's worth watching as we move through the week.

What the Analysts Are Saying

Professor Jeremy Siegel, the Wharton finance professor who's become something of a market sage, maintains an optimistic outlook for the U.S. economy and equity markets in 2026. He cites a "combination [that] clears the runway for stronger earnings growth and market momentum."

His reasoning is interesting. Despite a softer 1.4% fourth-quarter GDP report, Siegel argues that underlying private demand remains robust at 2.5% to 3% when accounting for government shutdown disruptions. He views this not as a recessionary signal, but as "trend-like growth in an economy that faced tariff headwinds."

A pivotal Supreme Court ruling striking down broad tariff authorities is central to his thesis. Siegel believes this "puts a limit on the executive branch" and serves as a catalyst for a less adversarial trade regime. In other words, the courts might have just removed one of the biggest uncertainties hanging over globally exposed companies.

He anticipates a market rotation favoring small caps, industrials, and globally exposed companies that previously bore the brunt of trade uncertainty. While geopolitical tensions and oil prices remain "swing factor[s]," he views potential energy-driven volatility as a "recalibration, not a cycle-ending shock."

Ultimately, Siegel advises investors to view uncertainty-driven declines as an "opportunity to accumulate equity," as the long-term outlook remains excellent. It's the classic "buy the dip" mentality, but with some specific reasoning behind it.

What's on Tap Today

Beyond earnings, here's what investors will be keeping an eye on Wednesday:

• Richmond Fed President Tom Barkin will speak at 9:35 a.m. ET
• Kansas City Fed President Jeffrey Schmid will speak at 11:00 a.m. ET

Fed speakers have been particularly careful with their language recently, given the market's sensitivity to any hint of policy changes. Don't expect fireworks, but watch for any subtle shifts in tone.

Around the Markets

In commodities, crude oil futures were trading lower in the early New York session by 0.08% to hover around $65.58 per barrel. Gold, however, was shining brighter, with the spot price up 0.92% to around $5,191.54 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was essentially flat, down just 0.02% at the 97.8230 level.

Meanwhile, Bitcoin (BTC) was trading 3.73% higher at $65,469.56 per coin over the last 24 hours. Crypto continues to march to its own beat, though it often takes cues from broader risk sentiment.

Global markets were mostly positive. Asian markets closed higher on Wednesday, with South Korea's Kospi, China's CSI 300, Japan's Nikkei 225, Hong Kong's Hang Seng, India's Nifty 50, and Australia's ASX 200 indices all in the green. European markets were also higher in early trade, suggesting the optimistic mood isn't confined to U.S. shores.

So there you have it: a market that's cautiously optimistic after political theater, focused on earnings reality, and waiting to hear from both corporate America and the Federal Reserve. It's Wednesday on Wall Street.