U.S. stock futures were little changed Tuesday night after President Donald Trump delivered the longest State of the Union address in American history. Investors heard no major surprises, and markets shifted their focus to corporate earnings—especially from chip giant NVIDIA Corporation.
By 23:50 ET (04:50 GMT), S&P 500 Futures edged up to 6,908.50. Nasdaq 100 Futures gained 0.1% to 25,060.0, while Dow Jones Futures held near 49,247.0. The muted moves followed a strong regular session on Wall Street, where technology shares bounced back after recent declines.
Relief over trade policy helped sentiment. Trump imposed a 10% import tariff—lower than the 15% rate he had threatened days earlier. The shift came after the U.S. Supreme Court struck down many of his earlier tariffs. The president said he would continue tariffs under a different legal structure, including Section 232 of the Trade Expansion Act, though details remain unclear.
Markets prefer clarity. A smaller tariff reduces the risk of higher costs for companies and consumers, at least for now. That helped ease fears about inflation and slower economic growth.
Tech Rebounds, Nvidia in Spotlight
Wall Street closed higher Tuesday as investors returned to technology stocks. A recent selloff tied to artificial intelligence concerns appeared overdone, prompting buyers to step back in.
The S&P 500 rose 0.8% to 6,890.11. The Nasdaq Composite gained nearly 1.1% to 22,863.68. The Dow Jones Industrial Average climbed 0.8% to 49,174.81.
Chipmakers led the advance. Advanced Micro Devices jumped nearly 9% after announcing a major supply agreement with Meta Platforms. The deal signaled that demand for AI chips remains strong.
Now attention turns to Nvidia’s quarterly results, due after Wednesday’s close. Analysts expect earnings per share of $1.52 on revenue of $65.56 billion—both sharply higher than a year ago. Because Nvidia’s chips power many AI systems, its report is viewed as a health check for the entire AI sector.
Key numbers investors are watching:
- S&P 500 Futures: 6,908.50
- Nasdaq 100 Futures: 25,060.0
- Nvidia expected EPS: $1.52
- Nvidia expected revenue: $65.56B
Mixed Corporate and Political Signals
Not all companies shared in the optimism. HP Inc. fell 6.1% in after-hours trading after issuing a weaker-than-expected 2026 outlook, citing trade rules and rising memory chip prices. Workday Inc. dropped 8% after its fiscal 2027 subscription revenue missed forecasts.
Beyond markets, Trump addressed inflation, immigration, and negotiations with Iran. A recent Washington Post-ABC News-Ipsos poll showed 39% approval of his job performance, while 58% disapproved of his handling of immigration. Political uncertainty can influence markets, especially when economic policy is involved.
For now, investors are balancing modest tariff relief, strong tech momentum, and political headlines. The next major test comes from Nvidia. If its numbers meet or exceed expectations, markets could extend their rally. If not, volatility may return quickly.