Nasdaq, S&P 500 Futures Higher As Nvidia Earnings Take Center Stage: Why TSLA, SLS, IBRX, CAVA, POET, BA Are Keeping Traders Engaged Today

• Investors braced for highly anticipated earnings from Nvidia, as markets increasingly questioned whether the AI rally could keep outrunning lofty expectations. 
• Oil prices also remained elevated amid supply concerns tied to tensions around the Strait of Hormuz. 
• ImmunityBio surged into focus after the FDA accepted its supplemental biologics license application for ANKTIVA plus BCG in bladder cancer treatment.

U.S. stock futures were largely higher early Wednesday as investors geared up for Nvidia's earnings report and the release of Fed minutes amid inflation concerns later today. Investor jitters were stoked on Tuesday by a spike in the 10-year Treasury yield and rising oil prices, driven by a blockade in the Strait of Hormuz amid ongoing U.S.-Iran geopolitical tensions. 

Meanwhile, President Donald Trump has signed a series of new Executive Orders, including a mandate asking advanced AI models to provide early government access, and a fintech initiative aimed at streamlining industry regulations.

As of 4:00 a.m. ET on Wednesday: Nasdaq futures rose 0.4%, S&P 500 and Russell 2000 futures were 0.1% higher, while Dow futures were flat.

Retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq-100 Index, has held at ‘extremely bullish’.

Trending Stocks To Watch

Nvidia (NVDA): The AI bellwether reports quarterly earnings today. Despite standard "beat and raise" expectations, Nvidia represents the largest short position in the S&P 500 by notional value, according to S3 Partners. Nvidia also announced a partnership with Google Cloud aimed at supporting the next wave of AI developers. 

Alibaba Group Holding Ltd (BABA) shares were under mild pressure even after the company reportedly announced a new artificial intelligence chip to compete with Nvidia amid its China export battles.

Tesla (TSLA): Elon Musk hinted at a regulatory "quiet period," sparking massive retail speculation over a potential Tesla-SpaceX merger ahead of a massive SpaceX IPO. Meanwhile, reports suggest that Goldman Sachs will be appointed as the lead underwriter for the upcoming SpaceX IPO.

AST Spacemobile (ASTS) is on the retail radar, along with other space plays like RKLB, LUNR and SATS, on speculation that a potential $1.75 trillion valuation for SpaceX could lift sentiment across the sector. 

ImmunityBio (IBRX) stock rose 4% in early premarket on an FDA approval of its supplemental Biologics License Application for its bladder cancer treatment, ANKTIVA, setting a regulatory action date for January 6, 2027. 

Sellas Lifesciences (SLS) rose 7% in premarket trading on Wednesday after the CEO struck a bullish tone on the upcoming Phase 3 GPS AML readout, one of the company’s biggest catalysts to date. The company expects final data within weeks after the trial reaches its 80th event threshold.

Nio Inc (NIO) stock was down 2% in early premarket trade as concerns emerged around reception for Onvo’s new L80 SUV ahead of earnings. 

Cava Group Inc (CAVA) stock rose 7% in early premarket trading following strong Q1 earnings and an upbeat outlook, driven by steady demand and investments in AI. 

Poet Technologies (POET): Garnering heavy retail attention ahead of its Q1 earnings report after market close today. 

Boeing (BA): China confirmed a breakthrough agreement to purchase 200 Boeing jets powered by GE Aerospace engines, marking the company’s largest win in the Chinese market in nearly a decade.

Other tickers trending on Stocktwits at the time of writing included Paypal (PYPL), Target (TGT), Unites States Antimony (UAMY) and ServiceNow (NOW). 

Other Catalysts To Watch

On the economic front, investors are tracking the release of the April FOMC minutes, which are expected to reveal an unusually divided Federal Reserve debating potential interest rate hikes. Also, Fed Vice Chair for Supervision Michael Barr is scheduled to speak at 2:15 pm ET today. 

On earnings radar, watch out for quarterly reports from Target Corp (TGT), Lowe's Companies Inc (LOW), Baozun (BZUN), Zim Integrated Shipping Services Ltd (ZIM), among others, before the bell today. And beyond Nvidia (NVDA), POET Technologies Inc (POET), Cosmos Health Inc. (COSM), e.l.f. Beauty Inc (ELF), and more report after market close. 

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