Late Wednesday, U.S. stock futures climbed after Nvidia Corp (NASDAQ:NVDA) delivered a blockbuster earnings report, while oil prices eased following news of an Iran-Oman agreement involving the strategically important Strait of Hormuz.
Dow Futures Rise as Nvidia Earnings Fuel Market Optimism
Dow futures gained 180 points, or 0.34%, to 53,701, while S&P 500 futures rose 0.41% to 7,721.25. Nasdaq 100 futures advanced 0.68% to 29,489.75 as of around 9:22 p.m. EDT.
The moves came after Nvidia shares jumped 4.71% following a stronger-than-expected fiscal second-quarter report. The Jensen Huang-led company reported $96.22 billion in revenue, up 106% year over year and above the roughly $92.2 billion expected by analysts.
Nvidia expects third-quarter revenue to reach $105.84 billion to $110.16 billion, representing 85.7% to 93.2% year-over-year growth from the $57.01 billion reported in the same quarter last year.
Huang pointed to accelerating demand, saying, "Now, compute is revenue," while describing the AI infrastructure buildout as being at "full steam."
Tech Stocks Rally as Asian Markets Trade Mixed
Moreover, in the after-hours session, Salesforce Inc. (NYSE:CRM) jumped about 13%, while CrowdStrike Holdings Inc. (NASDAQ:CRWD) gained 10.49% after both companies reported better-than-expected results, adding to the positive tone across technology stocks.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 99.114, down 0.02% as of around 7:02 a.m. IST.
At the time of writing, Asian markets traded mixed, with South Korea’s KOSPI rising 1.15% to 6,886.18, while Japan’s Nikkei 225 fell 0.69% to 65,802.99.
Oil Slips as Iran, Oman Reach Hormuz Revenue Deal
In commodities, WTI crude oil fell 0.24% to $82.03 per barrel, while Brent crude declined 0.13% to $87.73 per barrel. Natural gas futures advanced 1.51% to $2.885 per MMBtu.
The decline followed Iran’s Revolutionary Guard’s statement that Tehran had reached an agreement with Oman to jointly manage the Strait of Hormuz, according to CNBC.
Iran and Oman have agreed to split revenue generated from the Strait of Hormuz, according to a Revolutionary Guard spokesman cited by state-run news agency Tasnim.
While the official did not specify whether Tehran would impose a transit toll, the revenue-sharing arrangement indicates that Iran may introduce a fee for vessels passing through the strategic waterway.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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