Dow Jones futures climbed modestly early Wednesday, along with S&P 500 and Dow Jones futures. Nvidia earnings are in focus with Super Micro Computer, Axon Enterprise and Workday leading a bounce for hard-hit growth stocks.
The stock market undercut key levels on the S&P 500, Nasdaq composite and Russell 2000 on Tuesday, though they came off lows somewhat. Defensive stocks continued to outperform.
Super Micro surged in premarket trade after the Nvidia partner filed long-delayed quarterly filings and disputed claims from its former auditor. Axon stock and Workday were big earnings winners.
But all of that is a prelude to Nvidia earnings after the close, along with Salesforce.com and Snowflake. Those reports will have a huge impact on the AI and tech sector as well as the broader market rally.
Dow Jones Futures Today
Dow Jones futures climbed 0.2% above fair value, with Nvidia and Salesforce stock both Dow components. S&P 500 futures were up 0.5%. Nasdaq 100 futures rose 0.7%.
The 10-year Treasury yield dipped to 4.29% after tumbling nine basis points to 4.3% on Tuesday.
Copper futures spiked as President Donald Trump said he's mulling copper tariffs.
Remember that premarket action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Stock Market Action Tuesday
The Dow Jones Industrial Average climbed 0.4% in Tuesday's stock market trading, hitting resistance at the 50-day line. The S&P 500 index slid 0.5%, falling a little further below its 50-day after undercutting its Feb. 3 low intraday. The Nasdaq composite tumbled 1.35%, off its worst levels but piercing some recent lows and setting its worst close in three months. The small-cap Russell 2000 fell 0.4%, marking a five-month low intraday.
Here is a more-comprehensive look at Tuesday's stock market action.
Supermicro Stock Spikes
Nvidia partner Super Micro Computer surged more than 20% overnight after filing delayed financial reports. In the SEC filings, Super Micro said it disagreed with the concerns by Ernst & Young, which quit as the company's auditor last year.
The AI server maker made no restatements of previously filed financial statements. Further, Supermicro has received correspondence from the Nasdaq that the company has regained compliance with filing requirements, and the matter is now closed.
SMCI stock is already up 49.4% in 2025, making it the S&P 500's top performer.
Axon Earnings
Axon earnings crushed views, while revenue also topped. Earnings per share soared 49% to $1.67, with growth accelerating for a second straight quarter. Sales grew nearly 34% to $575.145 million. The Taser and body camera maker also guided slightly higher on 2025.
Axon stock soared 13% in premarket action, but that would only recoup a portion of mammoth losses following a seemingly classic breakout on Feb. 18.
Workday Earnings
Workday earnings rose 22% to $1.92 per share on an adjusted basis. Workday's revenue climbed 15% to $2.21 billion, including acquisitions. Both beat views. The human resources capital management software maker guided largely in line for 2025.
WDAY stock leapt more than 10% overnight, signaling a move over its 50-day line and possible early entry at 283.68. The traditional cup-with-handle buy point is 294.
Nvidia Earnings
Analysts see Nvidia earnings jumping 63% to 85 cents a share, with revenue up 72% to $38.1 billion. Those would be significant slowdowns from prior quarters.
Investors will be focused on Blackwell AI chip production and demand. Will demand for Nvidia's AI chips remain hot in the wake of China's DeepSeek as well as competition with custom AI chips from Broadcom and others.
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Nvidia Stock
Shares of the AI giant rose more than 2% early Wednesday.
Nvidia stock fell 2.8% on Tuesday 126.63, holding its 200-day after decisively undercutting the 50-day line on Monday.
NVDA stock crashed Jan. 26 on the DeepSeek sell-off in AI hardware stocks, with a slow recovery. Shares have an ugly double-bottom base with a 148.97 buy point. Investors could use 143.44 as trendline buy point.
Nvidia earnings and guidance will be key for Broadcom, Taiwan Semiconductor and many other AI chip and hardware plays.
Meanwhile, software giants Salesforce and Snowflake rose modestly early Wednesday ahead of their quarterly results. Both have broken below their 50-day moving averages.
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