U.S. stock futures edged higher on Wednesday as investors awaited key earnings from Nvidia, while new U.S. tariffs on Indian imports came into effect and political instability kept French markets under pressure.
Nvidia earnings in focus
Nvidia (NASDAQ: NVDA), viewed as a key gauge of the artificial intelligence boom, will report its fiscal second-quarter results after markets close. Expectations are high, with analysts forecasting a 53% revenue increase to $46 billion, though that pace would still fall short of the triple-digit growth seen in recent quarters. Nvidia’s outlook will also be closely scrutinized, especially given uncertainties around its China business amid ongoing U.S.-China trade tensions.
U.S. futures tick higher
By 03:00 ET (07:00 GMT), S&P 500 futures were up 20 points (0.1%), Nasdaq 100 futures gained 4 points (0.1%), and Dow futures rose 15 points (0.1%). The major U.S. indexes closed higher Tuesday and remain on track for gains in August, with the S&P 500 up 2%, the Dow Jones up 2.9%, and the Nasdaq rising 2%. Nvidia, having beaten earnings estimates in 11 of the last 12 quarters, is seen as a bellwether for both AI and tech sentiment.
Indian tariffs take effect
President Donald Trump’s move to double tariffs on Indian exports to 50% officially began Wednesday after trade talks with New Delhi failed to produce a deal. The new levies, largely linked to India’s continued purchases of Russian oil, now place India among the countries facing the steepest U.S. tariffs. Economists warn that roughly 70% of India’s exports to the U.S.—valued at about $55 billion—are now at risk, posing fresh challenges for growth.
French markets under strain
France remains in focus after Prime Minister Francois Bayrou’s unpopular debt-reduction plan was rejected by opposition parties, triggering renewed instability. With a confidence vote set for September 8, his minority government faces collapse. France’s CAC 40 is down more than 3% this week, while the spread between French and German 10-year bond yields has widened to its highest since April, signaling investor caution.
Oil steadies after losses
Crude prices steadied Wednesday following a sharp decline in the prior session, as markets weighed the impact of U.S. tariffs on India, the world’s third-largest crude consumer. Brent crude slipped 0.1% to $66.66 a barrel, while WTI rose 0.1% to $63.27. Goldman Sachs forecast Brent could fall to the low $50s by late 2026, citing a growing supply surplus and rising global inventories.
