Nasdaq, S&P 500 Futures Edge Higher, Dow Futures Flat Ahead Of Nvidia Results: IBRX, SLS, NVDA, CHWY Stocks In Focus

• Nasdaq 100 futures and the S&P 500 futures were up at the time of writing, while Dow Jones futures were trading flat.
• Meanwhile, U.S. Treasury yields are climbing higher amid inflation concerns. 
• Oil futures were lower in the overnight session heading into Wednesday.

U.S. stock futures were mixed in the overnight trading session heading into Wednesday as markets await AI chip darling Nvidia Corp.’s (NVDA) first-quarter results, looking past surging Treasury yields and inflation concerns.

Nasdaq 100 futures were up 0.20% and S&P 500 futures climbed 0.06% higher as of 10.00 p.m ET.  Meanwhile, Dow Jones futures were trading flat.

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ) edged higher, with retail sentiment in green. The SPDR Dow Jones Industrial Average ETF Trust (DIA) traded lower at the time of writing amid ‘neutral’ sentiment on Stocktwits.

The iShares 20+ Year Treasury Bond ETF (TLT) was down about 0.10% amid ‘neutral’ sentiment.

How Did US Markets Fare?

On Tuesday, benchmark indexes closed lower amid surging bond yields and rising inflation concerns. The tech-heavy Nasdaq Composite led the decline, shedding 220 points to end 0.84% lower. The Dow Jones index closed 0.65% down, while the S&P 500 slipped 0.67% at close.

US Market Drivers

U.S. stock markets have retreated from record highs last week as a technology-led rally propped up major indexes. However, the lack of a diplomatic breakthrough on the peace deal with Iran has kept oil prices above $100 a barrel, even as the critical Strait of Hormuz has remained effectively closed to commercial ships for more than 80 days.

Amid rising inflation concerns, Treasury yields are climbing to record levels. Yields on 10-year U.S. Treasury notes rose for a third straight day, hitting 4.675%, the highest since Jan. 2025. Meanwhile, the 30-year Treasury yield has breached 2007 levels, trading around 5.20% at the time of writing.

Peter Cardillo, chief market economist at Spartan Capital Securities in New York, told Reuters that investors are closely watching rising yields. "We're seeing the long ​end of the market continue to rise. That is the reason why we're seeing (stocks) on the defensive," he reportedly said.

Meanwhile, technology stocks have been declining, reversing the upward trend from earlier this month. A majority of major memory chip stocks fell, as did most of the “Magnificent Seven” stocks, except Apple Inc. (AAPL), which closed up about 0.4%.

Markets will be tuned into Nvidia’s highly anticipated quarterly results expected after markets close on Wednesday. On the economic front, markets will watch out for the minutes of the May Federal Open Market Committee meeting for cues on the U.S. economy’s health and inflation.

Trending Stocks To Watch

ImmunityBio Inc. (IBRX): The immunotherapy company’s shares climbed about 3% post-markets hours after it scored a key FDA win, after the federal agency accepted for review its expansion of the use of its Anktiva plus standard BCG into a broader group of bladder cancer patients.

SELLAS Life Sciences Group Inc. (SLS): The clinical-stage biopharma company’s shares jumped more than 8.5% in after-hours trading after the company’s CEO made positive comments on the data readout for its trial of galinpepimut-S (GPS) in acute myeloid leukemia (AML).

Nvidia Corp. (NVDA): The chip manufacturer is on the retail radar ahead of its quarterly results. Markets will be watching the results as a primary scoreboard to provide cues on the global artificial intelligence sector.

Chewy Inc. (CHWY): The pet company’s shares recovered marginally in extended trading hours after a steep decline on Tuesday. The company’s CEO said U.S. customers are feeling “stretched” on discretionary expenses amid rising inflation concerns, but also flagged the “emotive nature” of the pet industry.

Broader Market Trends

Oil futures were lower in the overnight session heading into Wednesday as President Donald Trump said earlier in the week that he would “hold off” on a planned military attack on Iran.

Brent crude futures expiring in July were down about 0.8%, trading at around $110.40 a barrel, while WTI crude futures expiring in June were 0.71% lower, at $103.41 a barrel at the time of writing. Gold was trading around $4,481.88 an ounce.

Asian markets were all trading lower at the open on Wednesday, with the KOSPI, Nikkei 225, and the SSE Composite index declining at the time of writing. Australian stocks were also falling at the open.

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