U.S. stock futures are sharply higher ahead of the Wall Street open as investors cheered on another earning beat for Nvidia (NVDA). The chipmaker’s shares are up over 4% in premarket trading after the company beat earnings estimates.

The Market Cap leader also gave a stronger-than-expected fourth-quarter sales forecast, with CEO Jensen Huang saying demand for its current-generation Blackwell chips are “off the charts.” He also eased investor fears by stating there is no AI bubble.

Besides the Nvidia impact, investor focus will be on data with the delayed September non-farm payrolls number due this morning along with results from Walmart (WMT).  

Snapshot (as of 7 AM ET)

• Oil (/CL) – – Oil prices are up about 1% near $60 a barrel, rebounding from yesterday’s slide, as markets assessed the latest U.S. proposals to end the war in Ukraine and prepared for a U.S. deadline to cease operations with two major Russian oil firms.
• Gold (/GC) – Gold prices are down 0.2% near $4065, weighed down by a stronger dollar and reduced expectations for a Federal Reserve rate cut in December, while investors braced for the delayed September U.S. jobs report.
• Bitcoin (/BTC) – The Crypto Future is up over 2.5% near 92,000 in premarket trading and is rebounding from 7-month lows below 89K yesterday.
• VIX – The CBOE Volatility Index fell 4.2% on Wednesday and settled at 23.66 as stocks rose. The VIX is down over 10% this morning on the premarket rally.
• U.S. Dollar (/DX) – The dollar is up 0.1% to 100.2.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Super Micro Computer (SMCI): +6.08%
2. Nvidia (NVDA): +4.79%
3. Advanced Micro Devices (AMD): +4.23%

1. Palo Alto Networks (PANW): -3.00%
2. Albemarle (ALB): -2.23%
3. Datadog (DDOG): -1.38%

Economic Data

• 8:30 AM ET: Jobs Report - September (Delayed), Jobless Claims, Philly Fed Mfg. Index
• 8:45 AM ET: Fed’s Hammack Speaks
• 10:00 AM ET: Existing Homes, Leading Home Indicators
• 10:30 AM ET: Natural Gas Inventories
• 11:00 AM ET: Kansas City Fed Mfg. Index
• 1:40 PM ET: Fed’s Goolsbee Speaks

Notable Earnings

• Premarket: BBWI, J, NTES, VIPS, WMT, ZIM
• Postmarket: CPRT, GAP, INTU, POST, ROST, VEEV
• Premarket Tomorrow: BJ, BKE, M
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Morgan Stanley upgrades Apollo Global (APO) to Overweight from Equal Weight
• Morgan Stanley upgrades Nasdaq (NDAQ) to Overweight from Equal Weight
• Barclays upgrades Marsh McLennan (MMC) to Overweight from Equal Weight
• Barclays downgrades Aon (AON) to Equal Weight from Overweight
• Barclays downgrades Arthur J. Gallagher (AJG) to Underweight from Equal Weight
• Mizuho downgrades Eversource (ES) to Neutral from Outperform

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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