Stock Market Today: Futures Rise as Nvidia Earnings Loom, Fed Minutes on Deck—CAVA, AMC, Roblox in Focus
MarketDash
U.S. stock futures edged higher Wednesday after two days of losses, with all eyes on Nvidia's quarterly report due after the bell and the release of Fed meeting minutes. CAVA Group surged on strong earnings, AMC jumped after its CEO bought shares, and Roblox announced a $3 billion buyback.
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U.S. stock futures ticked higher Wednesday morning, giving traders a reason to breathe after two straight days of declines for the S&P 500 and Nasdaq 100. The calm before the storm, perhaps—because the real action kicks off after the closing bell when Nvidia (NVDA) reports its first-quarter results.
Analysts are looking for Nvidia to deliver earnings of $1.76 per share on revenue of $79.04 billion. That's a high bar, but Nvidia has made a habit of clearing it. The question isn't just whether they'll beat—it's whether CEO Jensen Huang can convince the market that the AI spending spree still has years left in the tank.
Also on the docket: the Federal Reserve releases the minutes from its May FOMC meeting at 2:00 p.m. ET. Investors will be parsing every word for clues about the central bank's next move. Right now, the CME Group's FedWatch tool shows markets pricing in a 96.7% chance that rates stay put in June. So don't expect fireworks, but do expect some careful reading.
The 10-year Treasury bond was yielding 4.65% Wednesday morning, while the two-year sat at 4.10%. Those levels have been creeping higher, and that's one reason Professor Jeremy Siegel is sounding a cautious note (more on that later).
Here's how the major index futures were shaping up before the open:
Toll Brothers Inc. (TOL) rose 2.30% in premarket after reporting better-than-expected first-quarter earnings. The homebuilder posted earnings of $2.72 per share, beating the analyst consensus estimate of $2.60 per share. The company's stock has been under pressure lately, but this earnings beat could give it a short-term lift.
Stellantis
Stellantis NV (STLA) was up 0.82% after signing a memorandum of understanding with Dongfeng Group to set up a Europe-based joint venture. The deal covers sales, distribution, manufacturing, purchasing, and engineering of Dongfeng's new energy vehicles. It's a strategic move for Stellantis as it looks to expand its EV footprint in Europe.
Roblox
Roblox Corp. (RBLX) advanced 3.69% after announcing a $3 billion share repurchase program. That's a big vote of confidence from management, and investors seem to like it. The company has been working to boost profitability and user engagement, and a buyback of this size signals they think the stock is undervalued.
AMC Entertainment Holdings
AMC Entertainment Holdings Inc. (AMC) gained 5.80% after CEO Adam Aron bought 250,000 shares of company stock. Insider buying is often seen as a bullish signal—especially when it's the CEO putting his own money to work. Aron's purchase suggests he sees value at current levels, even as the company continues to navigate a challenging movie theater landscape.
CAVA Group
CAVA Group Inc. (CAVA) jumped 6.63% after posting first-quarter revenue of $438.27 million, beating the consensus estimate of $411.25 million. Adjusted earnings came in at 20 cents per share, also ahead of analyst estimates of 17 cents per share. The Mediterranean fast-casual chain continues to show strong growth, and investors are rewarding it.
Cues From Last Session
Tuesday was a rough day for stocks. Materials, communication services, and consumer discretionary sectors led the decline, pulling most S&P 500 sectors into negative territory. Health care and energy stocks managed to buck the trend and close higher, but it wasn't enough to save the major indices.
Index
Performance (+/-)
Value
Dow Jones
-0.65%
49,363.88
S&P 500
-0.67%
7,353.61
Nasdaq Composite
-0.84%
25,870.71
Russell 2000
-1.01%
2,747.07
Insights From Analysts
Professor Jeremy Siegel, the Wharton finance professor known for his long-term bullishness, is still constructive on the U.S. economy and equities over the longer run. But he's warning that the near term could be bumpy.
Following the U.S.–China summit, Siegel notes that the optimism that had been supporting equities has "evaporated." He expects a "flat-to-down period in equities," particularly hitting the NASDAQ and momentum segments where speculation was highest.
Siegel specifically calls out semiconductors and tech supply chains as vulnerable due to renewed friction over Taiwan. And with the 10-year Treasury breaking above 4.50%, he anticipates that rising oil prices and climbing yields will continue to squeeze the market.
But don't mistake this for a full-blown bear call. Siegel emphasizes that "the engine of the U.S. economy is still running," driven by solid growth and a resilient labor market with "no meaningful deterioration." He says, "I do not see this as the beginning of a bear market, and I am not calling for a major correction."
Instead, he expects a temporary period of friction until oil stabilizes, bond yields level off, and the Federal Reserve clarifies its interest rate path. In other words: buckle up, but don't jump out of the car.
Upcoming Economic Data
Here's what investors will be watching Wednesday:
Minutes of the Fed's May FOMC meeting will be released at 2:00 p.m. ET. Expect some parsing of language around inflation, growth, and the path forward.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session, down 1.87% to around $102.43 per barrel. Oil has been volatile lately, and Siegel's warning about rising oil prices squeezing the market is worth keeping in mind.
Gold spot prices slipped 0.11% to $4,477.15 per ounce, well off its record high of $5,595.46. The U.S. Dollar Index was up 0.09% at 99.42.
Bitcoin was trading 0.23% higher at $77,416.32 per coin over the last 24 hours. Crypto continues to trade in a relatively tight range, waiting for a catalyst.
Asian markets closed lower on Wednesday, with Japan's Nikkei 225, South Korea's Kospi, Australia's ASX 200, India's Nifty 50, China's CSI 300, and Hong Kong's Hang Seng all in the red. European markets were mixed in early trade.
