Stocks in Asia fell while futures pointed to a muted open in Europe as traders were in wait mode before Nvidia Corp.’s results.
The MSCI Asia Pacific Index dipped 0.5%, paring its near 1% advance in the previous session. Contracts for the Euro Stoxx 50 were up 0.4%.
US futures eked out gains after Wall Street benchmarks overcame an escalation in Russia’s war against Ukraine to close higher on Tuesday.
Investors are looking to Nvidia to see if the world’s most valuable company can continue its remarkable run fueled by spending on artificial intelligence hardware. The chipmaker rose 4.9% on Tuesday.
Trading in options signals the results will be the most-important catalyst left this year — more than the Federal Reserve’s December meeting, according to Barclays Plc strategists.
“Expectations are high, and the market will go into Nvidia’s earnings announcement positioned long, looking for a fifth consecutive quarterly earnings beat,” said Tony Sycamore, a market analyst at IG Australia.
“Given Nvidia’s significant impact, its performance will undoubtedly drive sentiment in the tech sector and the broader market into year-end.”
