Stocks Rise as Nvidia Earnings Loom: S&P Futures Up, Treasuries Fall

Market snapshot — Feb 24–25, 2026

February 24, 2026 at 10:33 PM UTC

Updated February 25, 2026 at 10:46 AM UTC

Stocks posted modest gains after several days of volatile trading as market participants positioned ahead of Nvidia Corp.'s upcoming earnings release — a near-term test of whether the chipmaker can reassert itself as the primary driver of the AI trade.

• S&P 500 futures rose 0.2% following a rebound in beaten-down software names.
• Treasuries declined as money markets trimmed bets on the scale and timing of Federal Reserve rate cuts.
• Tech-led advances pushed South Korea past France in global stock-market value.
• Precious metals (gold and silver) continued gains for the year and climbed in early trading.
• Brent crude remained near its highest level since July.

Key quotable takeaway

"Nvidia's earnings represent the most immediate market catalyst for the AI-led rally; traders are treating the report as a binary test that could determine near-term leadership across tech, software and semiconductors."

What traders are watching

1. Nvidia earnings: The report is widely viewed as the pivotal data point for AI-related positioning. Market participants are assessing whether Nvidia can regain momentum as the primary driver of AI flows and whether guidance or corporate commentary shifts risk sentiment.

2. Interest-rate expectations: With Treasuries falling, money markets have reduced the probability and/or timing of expected Fed rate cuts. That recalibration affects equity valuations, particularly for rate-sensitive growth names.

3. Sector rotation: The rebound in software names lifted futures after a period of underperformance. Investors are tracking whether capital rotates back into growth/AI beneficiaries or continues into cyclicals and commodities.

4. Global market cap shifts: Tech strength helped South Korea overtake France in headline market value, signaling where global flows are concentrated.

Asset-class implications

• Equities: Modest upside in futures reflects cautious optimism; volatility remains elevated ahead of corporate reports. Short-term direction is likely to hinge on earnings commentary.

• Fixed income: Declines in Treasuries signal tightening Fed-cut expectations. Traders should monitor front- and belly-of-the-curve moves for clues on policy timing.

• Commodities: Brent crude holding near July highs supports energy-sector momentum. Higher oil can feed into inflation expectations and reshape real-rate dynamics.

• Precious metals: Gold and silver, already higher year-to-date, climbed again — consistent with mixed growth and real-rate signals.

Trading implications for professional investors

• Manage event risk around Nvidia earnings: Reduce position sizes or implement hedges (options, collars) in AI- or semiconductor-heavy portfolios to limit downside from a surprise miss or cautious guidance.

• Monitor rate-sensitive exposure: Reassess duration and growth exposure as money-market implied policy paths shift.

• Watch cross-asset signals: Strength in commodities and weakness in Treasuries can compress real rates, creating asymmetric outcomes for cyclicals vs. growth.

• Liquidity and volatility: Expect intraday swings; use limit orders and consider volatility priced instruments if executing large blocks.

Ticker context

• Sector and thematic tickers referenced for monitoring: AI (thematic/sector exposure), PM, AM. Use these tickers in screening workflows to capture directional flows tied to the AI trade and adjacent sectors.

Bottom line

Markets eked out gains as participants positioned for a potentially market-moving Nvidia earnings release. With S&P futures up 0.2%, Treasuries lower and commodities holding firm, the near-term direction will likely be driven by corporate results and shifts in interest-rate expectations. Traders should prioritize event-risk management and cross-asset signal monitoring until clearer leadership emerges.