Dow, S&P 500, Nasdaq Futures Edge Higher During Trump’s SOTU Address: Why IBRX, NVDA, CAVA, UNH, WULF Are Trending

• Trump said inflation was “plummeting,” and reiterated views on tariffs replacing income taxes.
• He also wants to end Affordable Care Act insurance premium tax credits and stop payments to large insurance companies
• Global markets saw the 10-year Treasury yield below 4.05%, oil near $66 a barrel, gold above $5,000 an ounce.

U.S. stock futures traded higher late Tuesday as U.S.President Donald Trump highlighted falling inflation during his State of the Union address, while markets looked ahead to Nvidia’s quarterly results.

As of 10.35 p.m. ET, Nasdaq 100 futures were up 0.1%, while S&P 500 futures up by 0.07%. Dow futures were up nearly 0.1%.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) was ‘bearish’ amid ‘high’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) was ‘bearish’ amid ‘normal’ message volume, and sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘extremely bearish’ amid ‘low’ message volume.

Trump State Of The Union In Focus

Trump said inflation was “plummeting” as he delivered his State of the Union address. “In 12 months, my administration has driven core inflation to the lowest level in more than five years.” Latest data shows consumer prices rose 2.4% in January from a year earlier, with core CPI at 2.5%, the lowest level since April 2021.

Trump reiterated his view that tariffs could replace income taxes following a Supreme Court ruling that curtailed his tariff authority. “I believe that tariffs, paid for by foreign countries, will substantially replace the modern-day system of income tax,” he said.

He added that technology companies have pledged to supply their own power for AI data centers to avoid higher electricity costs. “They can build their own power plants so that no one’s prices will go up,” Trump said, adding that “they’re going to produce their own electricity.”

Trump also said he wants to end Affordable Care Act premium tax credits and stop payments to large insurance companies, directing funds to consumers. “I want to stop all payments to big insurance companies and instead give that money directly to the people,” he said.

The president also said the U.S. has received more than 80 million barrels of oil from Venezuela.

Other US Market Drivers

Markets extended gains after a technology-led rebound earlier in the session eased fears that artificial intelligence could disrupt large parts of the software sector.

In the prior session, the Dow Jones Industrial Average and S&P 500 rose 0.8%, while the Nasdaq Composite gained 1%.

Jurrien Timmer, Director of Global Macro at Fidelity Investments, said on X that improving market breadth has supported the rally, noting that “the gap is closing, which is a win for both active and passive investors,” while warning that “concentration risk is important.”

Advanced Micro Devices jumped nearly 9% after Meta Platforms announced a multiyear deal to deploy up to 6 gigawatts of AMD graphics processing units for AI data centers and said it would invest in the chipmaker through a performance-based warrant for up to 160 million shares. Nvidia’s shares rose about 0.7% ahead of its quarterly earnings due Wednesday.

Software stocks also rebounded after Anthropic said its Claude Cowork tool would integrate with existing enterprise software rather than replace it. Salesforce rose about 4%, ServiceNow gained nearly 2%, and Docusign added 3%. 

Investors are now focused on Nvidia’s earnings, which come amid closer scrutiny of large-cap technology valuations and rising concerns over hyperscalers’ capital spending on AI.

Trending Stocks To Watch On NYSE, Nasdaq

ImmunityBio (IBRX): Shares hit a fresh four-year high after jumping 18% in the regular session and rising further after-hours, as retail traders crowded into the stock ahead of Trump’s State of the Union address on hopes the company will be mentioned as part of healthcare policy signals.

Nvidia (NVDA): The stock remained in focus ahead of earnings after a U.S. Commerce Department official reportedly said that Nvidia's H200 chips have not been sold to Chinese customers.

CAVA Group (CAVA): Shares jumped about 9% after-hours after the Mediterranean restaurant chain issued fiscal 2026 guidance largely in line with expectations and reported quarterly revenue growth of more than 21%.

UnitedHealth Group (UNH): Shares were in focus after Trump said during his State of the Union address that he wants to end Affordable Care Act insurance premium tax credits and stop payments to large insurance companies, instead directing funds to consumers.

TeraWulf (WULF): Shares climbed as investors positioned ahead of quarterly earnings, with focus on the company’s pivot toward AI and high-performance computing data centers alongside its expanding power infrastructure portfolio.

How Global Markets Are Performing Today

In broader markets, the yield on the benchmark 10-year U.S. Treasury note was below 4.05%, hovering near its lowest levels in nearly three months.

Oil prices edged higher as traders weighed the prospects of a nuclear agreement between the U.S. and Iran ahead of talks on Thursday. West Texas Intermediate traded around $66 a barrel after settling about 1% lower in the previous session, while Brent crude settled below $71.

Gold eased after a four-day rally but steadied above $5,000 an ounce after earlier sliding as much as 2.5%. The metal had risen more than 7% over the prior four sessions as investors sought safety amid trade uncertainty and geopolitical tensions.

Asian equity markets advanced, with stocks rising in Sydney, Tokyo and Hong Kong following Wall Street’s technology-led rebound.

Among the catalysts for the day are remarks from Richmond Fed President Tom Barkin, Kansas City Fed President Jeffrey Schmid and St. Louis Fed President Alberto Musalem.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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