commodities

Asian Stocks Advance, Dollar Retreats as Markets Eye Nvidia Earnings

February 25, 20261 min readQuick Read

Fazen Markets Research

AI-Enhanced Analysis

Asian stocksS&P 500 futuresNvidia earningsTreasuriesdollar slips

Key Takeaways

1Markets entered the U.S. session with modest gains after multi-day swings, trading on cautious optimism that Nvidia's upcoming earnings could restore momentum to the AI trade. S&P 500 futures rose 0.1%, Treasuries fell across the curve, and tech-led advances pushed South Korea past France in market value. Gold and silver also climbed, remaining positive for the year. Traders will monitor Nvidia’s report, U.S. economic cues, and Treasury-curve moves for clearer directional signals.
2[Tickers referenced: PM, AM]

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February 24, 2026 at 10:33 PM UTC

Updated February 25, 2026 at 9:31 AM UTC

Market snapshot

Asian equities posted modest gains after several days of volatile trading. Markets showed cautious optimism as investors positioned ahead of Nvidia Corp.'s upcoming earnings report, which market participants view as a potential catalyst for the broader AI trade.
S&P 500 futures rose 0.1% following Tuesday’s rebound in beaten-down software firms, signaling tentative risk-on sentiment into U.S. hours.
Treasuries fell across the curve, reflecting reduced demand for safe-haven assets as risk appetite improved.

Key headlines

"S&P 500 futures were up 0.1%, reflecting cautious optimism ahead of Nvidia’s earnings." This move came after a notable rebound in software stocks earlier in the week.
Tech-fueled gains in Asian markets lifted South Korea’s market capitalization past France’s, underscoring the regional impact of semiconductor and software leadership.
Precious metals continued to climb: gold and silver, which are up year-to-date alongside equities, advanced in tandem with broader market moves.

Fixed income and FX

Treasuries: Yields moved higher and prices fell across maturities as investors shifted from defensive cash and bond positions into risk assets. The flattening or steepening of the curve will depend on dollar and growth signals ahead of the U.S. session.
Dollar: The U.S. dollar slipped as global risk sentiment improved, supporting gains in equities and commodities.

Commodities and tickers in focus

Gold and silver advanced alongside equities; both metals remain positive year-to-date, reflecting a mixed environment of equity gains and safe-haven demand.
Tickers noted for coverage in this wrap: PM, AM (commodity tickers captured for ongoing precious-metals and commodity reporting). No new company-specific price data is asserted here.

Why Nvidia matters

Nvidia remains the focal point for market participants because its earnings report is seen as a barometer for the AI investment cycle. Market participants are watching whether the company can:

Reaffirm revenue and margin momentum tied to data-center and AI-related demand.
Influence sentiment across chipmakers, software vendors, and AI-focused funds.

A stronger-than-expected report could re-rate related sectors; conversely, any sign of deceleration could prompt consolidation in recent winners.

Regional implications

South Korea: Tech-driven gains have materially increased the aggregate market value of Korean-listed companies, propelling South Korea ahead of France in market-cap ranking. That shift highlights the outsized role of semiconductors and software in shaping regional equity indices.
Asia ex-Japan markets broadly benefitted from technology-led flows, though gains were described as modest and cautious given near-term event risk.

What traders and analysts are watching next

Nvidia earnings and accompanying commentary on AI demand and data-center spending.
U.S. economic data and Fed-speak that could affect Treasury yields and the dollar.
Equity rotation patterns: whether gains remain concentrated in large-cap tech or broaden to cyclical and financial sectors.
Movement in gold and silver for indications of cross-asset risk preferences.

Practical implications for investors

Portfolio positioning: Investors assessing risk exposure may reweight between growth and defensive holdings depending on Nvidia’s results and subsequent market breadth.
Fixed income exposure: Falling Treasury prices imply rising yields; duration-sensitive allocations should be reviewed in light of potential rate and growth signals.
Commodities exposure: With gold and silver climbing year-to-date, investors should consider correlations between precious metals and equity market risk appetite when sizing positions.

Bottom line

Markets entered the U.S. session with modest gains after multi-day swings, trading on cautious optimism that Nvidia's upcoming earnings could restore momentum to the AI trade. S&P 500 futures rose 0.1%, Treasuries fell across the curve, and tech-led advances pushed South Korea past France in market value. Gold and silver also climbed, remaining positive for the year. Traders will monitor Nvidia’s report, U.S. economic cues, and Treasury-curve moves for clearer directional signals.

[Tickers referenced: PM, AM]