Pre-Bell | US Futures Rise Ahead of Fed Meeting, Tech Earnings; Nvidia Jumps 3.5% on Track to Become First $5 Trillion Company; Fiserv Plunges 38%

Wall Street futures were at new record highs on Wednesday ahead of earnings announcements from major U.S. tech companies and a U.S. Federal Reserve meeting that is expected to deliver a 25-basis-point rate cut.

Market Snapshot

At 8:43 a.m. ET, S&P 500 futures rose 0.2%, Nasdaq 100 futures rose 0.3%, and Dow futures rose 0.1%.

Pre-Market Movers

NVIDIA — Shares climbed 3.5% in Wednesday’s premarket trading, building on the rally of around 5% seen in the prior session. The chipmaker is now closing in on the $5 trillion market cap milestone, which no other company has hit before.

Boeing — The aerospace company whipsawed after it reported its latest quarterly results. For the third quarter, Boeing posted $23.27 billion in revenue, above the $21.97 billion that analysts surveyed by LSEG were expecting. However, it posted a steeper loss than expected, reporting $7.47 in adjusted loss per share compared to the loss of $4.59 per share analysts were looking for.

Caterpillar — The construction and agriculture equipment manufacturer rose 6% on better-than-expected results for the third quarter. Caterpillar earned $4.95 per share, adjusted, on revenue of $17.64 billion. Analysts polled by LSEG expected a profit of $4.59 per share on revenue of $16.77 billion.

FISERV INC — Shares of the financial services tech company plunged 38% on the back of a massive third-quarter earnings miss. Fiserv earned $2.04 per share, excluding certain items, on revenue of $4.92 billion. Analysts expect earnings per share of $2.64 per share on revenue of $5.35 billion. The company also slashed it full-year earnings guidance.

CVS Health — The pharmacy operator rose 4% after the company reported a net loss of $3.99 billion for the third quarter. A year prior, CVS saw net income of $71 million.

Seagate Technology PLC — The data storage company added 6.5% after beating expectations for the first fiscal quarter. Seagate earned $2.61 per share on an adjusted basis and revenue at $2.63 billion, while analysts surveyed by LSEG had penciled in $2.37 a share on $2.55 billion in revenue.

Centene — The managed care company jumped 10% after posting better-than-expected earnings for the third quarter and raising its guidance. Centene earned 50 cents per share despite analysts polled by FactSet anticipating a per-share loss of 14 cents. The company recorded $49.69 billion in revenue, also topping the consensus estimate of $47.72 billion.

Teradyne — Shares of the test system and robotic products suppliers surged 13% on a positive earnings report and outlook. Teradyne earned 85 cents, excluding items, on $769 million in revenue for the third quarter, while analysts predicted 79 cents and $744.1 million, per FactSet.

Bloom Energy Corp — The energy technology stock jumped 14%. Bloom earned an adjusted 15 cents per share on revenue of $519 million in the third quarter, surpassing FactSet consensus estimates of 10 cents per share an $428.4 million in revenue.

Caesars Entertainment — The casino operator dropped nearly 8% after its third-quarter financial results disappointed investors. Caesars reported a loss of 27 cents per share on revenue of $2.87 billion. Analysts surveyed by LSEG had expected a loss of 5 cents per share on revenue of $2.89 billion.

Enphase Energy — The energy technology company tumbled more than 11% after its full-year revenue guidance of $310 million to $350 million fell short of the $382.9 million expected from analysts, per FactSet. Enphase Energy also said tariffs had an impact on its third-quarter gross margins. Its adjusted earnings for the quarter, however, topped expectations.

Market News

Nvidia Stock Nears Historic $5 Trillion Mark on Upcoming Trump-Xi Blackwell Chip Talk

NVIDIA shares have popped in premarket trading Wednesday, putting the chipmaker on track to surpass a $5 trillion market capitalization, a milestone no public company has ever reached.

The semiconductor giant, viewed as the biggest winner of the Wall Street AI boom, rose as much as 3.4% to $207.92 in premarket trading, lifted by President Donald Trump’s remarks that he expects to speak with China’s Xi Jinping about Nvidia’s flagship Blackwell AI chip, a cornerstone of the company’s data center dominance.

Fiserv Shakes up Leadership, Board After Big Q3 Earnings Miss; Stock Plunges 38%

FISERV INC stock slumped 38% after the payment technology company revamped its leadership, refreshed its board, slashed its full-year earnings guidance, and launched a new action plan after its Q3 earnings fell short of Wall Street consensus.

The company slashed its 2025 EPS guidance range to $8.50-$8.60 (midpoint $8.55) vs. $10.16 consensus and prior outlook of $10.15-$10.30 (midpoint $10.23). Organic revenue growth of 3.5%-4%, compared with its previous expectation of ~10%.

Trump Again Targets Fed's Powell on Interest Rate Cuts

US President Donald Trump complained on Wednesday about the Federal Reserve, once again taking aim at central bank chief Jerome Powell for perceived delays in cutting interest rates.

"Jerome 'Too Late' Powell," Trump said in a speech in the South Korean city of Gyeongju, prompting laughter from an audience of corporate executives and leaders gathered for the CEO Summit of the APEC grouping.