U.S. stock futures are flat, with the market focusing on Trump's speech and NVIDIA's earnings report

Investing.com - U.S. stock index futures were little changed Tuesday evening as investors remained cautious ahead of Nvidia’s highly anticipated earnings report, while awaiting President Trump’s speech.

Futures stabilized after a positive trading day on Wall Street, with tech stocks rebounding from recent declines, easing concerns about the impact of artificial intelligence on the software industry.

Trump imposed a 10% import tariff, lower than market fears earlier, helping to ease worries about his trade agenda after the Supreme Court overturned most of his tariff measures last week.

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As of 6:45 p.m. Eastern Time (7:45 a.m. Beijing Time), the S&P 500 futures were flat at 6,902.50. Nasdaq 100 futures held steady at 25,031.0, while Dow futures barely changed at 49,221.0.

Among major stocks with after-hours volatility, HP Inc. (NYSE:HPQ) fell 6.1% after the company issued a disappointing outlook for 2026, affected by U.S. trade regulations and soaring memory chip prices.

Workday (NASDAQ:WDAY) dropped 8% due to its fiscal 2027 subscription revenue falling short of expectations.

Trump to Deliver State of the Union Amid Tariff Turmoil

Trump will deliver the State of the Union address at 9:00 p.m. Eastern Time (2:00 a.m. GMT), just days after the Supreme Court overturned most of his trade tariff measures.

Media reports suggest Trump may tout economic strength and his administration’s achievements, with the speech focusing on celebrating the 250th anniversary of American independence.

This speech comes at a time of high uncertainty regarding the president’s tariff plans, after the Supreme Court ruled he overstepped his authority in implementing most tariffs.

Trump responded that he would announce more tariffs under different legal frameworks, which took effect Tuesday, though at levels lower than the 15% tariffs he previously announced.

The president is facing growing voter dissatisfaction with his economic management, especially in controlling high living costs. A poll released Sunday by The Washington Post, ABC News, and Ipsos found only 39% of respondents approve of his job performance so far, while 58% disapprove of his handling of immigration issues.

Wall Street Gains as Tech Stocks Rebound Before Nvidia Earnings

Wall Street rose on Tuesday, driven by a rebound in tech stocks, as the recent sell-off in software stocks triggered by AI concerns appeared overdone.

Chipmakers also gained, with AMD (NASDAQ:AMD) leading nearly 9% higher after announcing a major supply agreement with Meta.

The S&P 500 rose 0.8% to 6,890.11, while the Nasdaq Composite increased nearly 1.1% to 22,863.68. The Dow Jones Industrial Average gained 0.8% to 49,174.81.

The market is now fully focused on Nvidia (NASDAQ:NVDA), which is set to release its quarterly earnings after the close on Wednesday. The report is expected to be a key indicator for the AI industry and chip demand.

According to Investing.com forecasts, Nvidia is expected to report earnings of $1.52 per share on revenue of $65.56 billion. Both figures are expected to be significantly higher than the same period last year.

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