Stock Futures Rise Ahead of Nvidia Earnings and PCE Data

U.S. stock futures climbed Tuesday, buoyed by a pullback in Treasury yields and renewed buying in semiconductor shares ahead of Nvidia’s quarterly results. The moves followed a report that the Treasury Department may draw on its roughly $1 trillion General Account to increase bond purchases, a step that appears aimed at containing longer-term borrowing costs.

Futures tied to the Dow Jones Industrial Average rose 199 points, or 0.4 percent, while those for the S&P 500 gained 0.4 percent and Nasdaq-100 contracts advanced 0.8 percent. The 10-year Treasury yield fell more than three basis points to 4.666 percent, extending Monday’s decline. The shift in yields came after earlier pressure that had weighed on equity valuations, particularly in rate-sensitive growth sectors.

Chip stocks led the recovery. Advanced Micro Devices and Micron Technology each rose more than 2 percent in premarket trading, while Intel gained over 3 percent. Broadcom and Nvidia also moved higher. The iShares Semiconductor ETF climbed more than 2 percent. Investors positioned for Nvidia’s earnings release after the close on Wednesday, which will offer a fresh reading on demand for advanced chips used in artificial intelligence systems.

The personal consumption expenditures price index for July, due Wednesday, will provide the latest inflation update before Federal Reserve Chair Kevin Warsh speaks at the Jackson Hole symposium on Friday. That speech is expected to outline how the central bank views the balance between growth, inflation and the recent fiscal steps affecting the bond market. Strategists at UBS noted that investors are focused on whether yields will continue to decline as inflation moderates or whether fiscal actions could complicate the picture.

Separate developments added to the mix of signals. The Treasury’s reported plan to support bond purchases has revived discussion of dollar debasement among some investors, contributing to bitcoin’s rise above $80,000 for the first time since May. Gold prices, which had also moved higher in recent sessions, paused on Tuesday. Meanwhile, the administration’s new sanctions targeting Iran drew a muted market reaction, with traders appearing to view the measures as calibrated rather than escalatory.

Retail earnings offered a contrasting note. Dick’s Sporting Goods shares fell sharply after the company missed second-quarter expectations and lowered its full-year outlook, citing softer consumer demand. Intuit and Zoom Communications are scheduled to report later in the day, giving another window into spending patterns in software and services.

Taken together, Tuesday’s price action reflected a market still anchored by expectations for continued strength in technology and artificial intelligence spending, while watching closely for any shifts in fiscal or monetary policy that could alter the path for interest rates. The coming days will test whether the recent yield relief persists and whether Nvidia’s results reinforce or challenge the prevailing optimism around chip demand.