Dow, S&P 500 flat ahead of Nvidia earnings results

U.S. stocks opened largely flat on Wednesday, yet shares of GameStop rose even as overall sentiment remained cautious ahead of Nvidia’s earnings report.

Tariffs and geopolitical concerns remain top of investors’ minds, a scenario that has stocks looking to knit together another winning streak.

Ahead of Nvidia’s (NVDA) highly anticipated earnings release after the bell, the Dow Jones Industrial Average opened 56 points higher, while the S&P 500 rose 0.2% and the Nasdaq Composite gained 0.26%.

Stocks traded largely unchanged from Tuesday levels, as investor sentiment was influenced by trade dynamics, U.S. economic data, and the global geopolitical outlook. Adding to the caution is the market’s close attention to what the global chipmaker reveals in its upcoming earnings report.

Wall Street is expected to use Nvidia’s results and guidance as a gauge for the current tariff landscape and to assess how Big Tech is preparing for potential economic impacts. If Nvidia delivers better-than-expected numbers, the broader market could respond with a sharp upside move.

But while stocks are likely to see some notable volatility in the short term amid trade deals and other factors, market experts warn the long-term picture may yet point to fresh carnage. 

According to Katie Stockton, founder and managing partner of Fairlead Strategies, key long-term indicators signal the stock market may yet dip to new lows. Stockton shared her outlook in an interview with CNBC’s ‘Squawk Box’ on Wednesday.

Other than focus on Nvidia, investors will be keen on minutes from May 2025’s Federal Reserve’s meeting.

Elsewhere in the market, shares of video game company GameStop soared after the company announced it had officially purchased 4,710 Bitcoin (BTC) for over $500 million. 

While the move had been anticipated in recent weeks, the purchase reinforces a broadly bullish sentiment toward Bitcoin. Trump Media recently announced it would allocate $2.5 billion raised through an offering to buy BTC, while Strategy, already holding over $40 billion in the digital asset, has signaled plans to acquire more.

Bitcoin’s price hovered around $108,000 as U.S. stock markets opened on Wednesday.