U.S. equity futures were essentially flat on Tuesday evening, with investors adopting a cautious stance ahead of high-profile corporate results from NVIDIA Corporation and a scheduled State of the Union address by President Donald Trump. The muted futures action followed a constructive session on Wall Street earlier in the day, when technology stocks recovered some of their recent losses.
Futures prices had steadied after a market rebound that eased concerns about the scale of disruption artificial intelligence might bring to the software industry. Market participants were also digesting the president's recent move to impose a smaller-than-expected import tariff and the political aftermath of a Supreme Court decision that curtailed much of his prior tariff program.
Futures levels at 18:45 ET (23:45 GMT) showed S&P 500 Futures flat at 6,902.50 points, Nasdaq 100 Futures steady at 25,031.0 points, and Dow Jones Futures essentially unchanged at 49,221.0 points.
After-hours movers
- HP Inc (NYSE:HPQ) fell 6.1% in aftermarket trading after issuing a disappointing outlook for 2026, citing headwinds from U.S. trade regulations and rising memory chip prices.
- Workday Inc (NASDAQ:WDAY) dropped 8% after reporting fiscal 2027 subscription revenue that missed analyst estimates.
Those company-specific developments contrasted with broad-market gains during the regular session, when chipmakers and software names led advances.
State of the Union and tariff developments
President Trump is scheduled to deliver his State of the Union address at 21:00 ET (02:00 GMT). Media reporting indicates he is likely to emphasize economic strength and administration accomplishments, framing the speech in the context of the country’s 250th anniversary. The address arrives amid ongoing uncertainty about the president's tariff strategy after the Supreme Court found he exceeded his authority on a large portion of the tariff program.
In response to that decision, Trump announced a fresh set of tariffs leaving the levies in place at a lower rate than the 15% he had previously announced. The new tariffs take effect on Tuesday at a reduced 10% rate.
The political backdrop includes public concern about economic management. A Washington Post-ABC News-Ipsos poll cited on Sunday showed that 39% of respondents approved of Trump’s job performance so far, while 58% disapproved of his handling of immigration.
Wall Street session recap and Nvidia in focus
Stocks advanced in the regular session as technology stocks recovered from a recent AI-driven selloff in software shares. Chipmakers outperformed, paced by a near 9% rally in AMD (NASDAQ:AMD) after the company announced a substantial supply agreement with Meta.
Major indexes finished higher: the S&P 500 rose 0.8% to 6,890.11 points, the NASDAQ Composite gained nearly 1.1% to 22,863.68 points, and the Dow Jones Industrial Average climbed 0.8% to 49,174.81 points.
Attention now turns to NVIDIA, which is set to report quarterly results after the close on Wednesday. The upcoming release is widely viewed as an important indicator for artificial intelligence-related demand and chip sector trends. According to Investing.com forecasts, NVIDIA is expected to report earnings per share of $1.52 on revenue of $65.56 billion, with both figures projected to be substantially higher year-over-year.
In sum, markets entered a period of watchful waiting as investors balanced recent gains in technology and chip stocks against company-specific after-hours setbacks and political developments that could influence trade policy. The combination of big-tech earnings and a high-profile presidential address promises continued market focus in the near term.