Markets Hold Steady as Investors Eye NVIDIA Earnings Amid Trade Tensions – Europe Market Wrap

US stock futures wavered ahead of NVIDIA’s earnings as investors waited to gauge the impact of the trade war and outlook for artificial intelligence.

S&P 500 contracts were little changed after the index jumped 2% in the previous session. NVIDIA, the last of the Big Tech cohort to report earnings, rose 0.6% in early trading. The dollar was steady, while Treasuries dipped. European stocks ticked down 0.2%.

In a year in which Trump’s tariff war has spurred significant market volatility, there’s high anticipation around the AI-bellwether’s earnings that are due after the close on Wednesday. The chipmaker’s blistering multi-year rally has already faced scrutiny over whether massive investment in AI is justified and as its products have gotten caught up in US-China trade acrimony.

The dollar was little changed, trading close to its lowest levels since 2023. The currency has slumped more than 7% this year on the back of a retreat from US assets.