Dow Jones Futures Rise as Tech Stocks Rebound Ahead of Nvidia Earnings

US stock futures edged higher in early European trading on Tuesday, with a rebound in tech stocks lifting market sentiment. As of writing, Dow Jones futures rose 0.18%, trading near 53,590; S&P 500 futures gained 0.28% to around 7,690; and Nasdaq 100 futures climbed 0.58%, trading near 29,270. Market focus is shifting to the upcoming Nvidia earnings report, widely viewed by investors as a key barometer for testing the sustainability of the artificial intelligence investment boom.

**Rating Adjustments for Tech Giants Deepen Market Divergence**

During the sensitive earnings season window, Wall Street's views on major tech stocks have shown notable divergence. According to reports, Esxeleryn Analytics upgraded Accenture to "Strong Buy," citing optimism over its long-term potential in transitioning to high-margin SaaS and cybersecurity businesses. Meanwhile, TQP Research upgraded Meta Platforms from "Hold" to "Buy," with analysts noting that a recent roughly 26% pullback in its share price has created a more attractive entry point, while AI-driven advertising improvements are beginning to show results. However, not all tech stocks received favor, as Oakoff Investments downgraded Dell Technologies from "Buy" to "Hold," citing that the market has already fully priced in its operational strengths ahead of earnings.

**Focus on Nvidia Earnings, Market Sentiment Cautiously Optimistic**

The market is holding its breath for Nvidia's earnings report, seen as a critical validation of the current AI investment thesis. Earlier, tech stocks had already staged a rebound, partially digesting high valuation pressures. Market reports indicate that Nvidia recently announced an investment in new cloud service provider Nebius, refocusing attention on capital collaboration across AI chips, cloud computing, and data center infrastructure. Although some analysts argue that market expectations for tech earnings have risen significantly, and after valuations have expanded to historical highs, even solid results may not sustain further stock price gains, risk appetite has shown signs of warming in the near term.

**Macro Environment Intertwined with Rate Cut Expectations**

Alongside the tech rebound, macro-level uncertainties persist. According to the latest Federal Reserve meeting minutes, policymakers remain deeply divided, with some participants leaning against a rate cut in December, compounded by the absence of October nonfarm payroll data, jointly dampening rate cut expectations. According to the CME FedWatch tool, as of the latest data, market odds for a Fed rate cut in December have plunged to around 31%. This shift has pushed the US dollar and Treasury yields higher, posing potential pressure on risk assets, but US stock futures have temporarily shaken off this impact in early Tuesday trading, indicating that short-term focus on big tech earnings has overtaken macro concerns.