Stocks Remain Steady & Eyes on Nvidia as Dollar Gains – Europe Market Wrap

US futures fought for direction as traders awaited Nvidia’s results later Wednesday for new momentum.

Europe’s Stoxx 600 rose 0.3%, while the UK FTSE 100 fell as the latest inflation figure came in higher than expected, prompting traders to pare back expectations for BoE rate cuts.

Contracts on the S&P 500 and Nasdaq 100 were barely changed after Wall Street benchmarks recovered from a bout of volatility caused by Russia’s escalation of its war against Ukraine. The 10-year US Treasury yield rose 3 bps after falling yesterday as investors sought safe haven assets.

Investors will scrutinise Nvidia’s quarterly earnings to see if the world’s most valuable firm can sustain its amazing run, which has been fuelled by spending on AI technology, with the chipmaker nudging higher in premarket trade after surging 4.9% the previous session. Options trading indicates that the outcomes will be the most important catalyst left this year, surpassing the Fed’s December meeting, according to Barclays strategists.

Bitcoin reached a new all-time high, boosted by a slew of developments illustrating the US’s growing embrace of the digital-asset industry under crypto booster Trump. Oil crept closer to $70 a barrel in New York, as an industry report indicated a boost in US crude stocks ahead of official government figures.