Pre-Bell｜US Stock Futures Steady; Sigma Lithium Soared 34%; Lowe's Up 5%; Plug Power Slumped 18%

U.S. stock index futures were slightly higher on Wednesday, having clocked declines at the start of the week, with investor focus on Nvidia's earnings later in the day which could prove to be a make-or-break moment for the AI trade.

Market Snapshot

At 07:01 a.m. ET, S&P 500 E-minis were up 23 points, or 0.35%, Nasdaq 100 E-minis were up 107 points, or 0.44%, and Dow E-minis were up 53 points, or 0.11%.

Pre-Market Movers

NVIDIA ticked up 0.7% ahead of its earnings report scheduled for after the closing bell. Wall Street expects the world's most valuable company to report adjusted earnings of $1.26 a share on revenue of $54.9 billion, up 57% from a year ago. For the current quarter outlook, analysts expect revenue of $62.17 billion, with earnings of $1.44 a share.

The earnings will be crucial for the broader market: If Nvidia signals continued demand for its artificial-intelligence chips, fears about bloated valuations could ease. Investors also be looking for more clarity on Nvidia's relationships with AI start-ups OpenAI and Anthropic, amid worries that the AI trade may be becoming one big circular money machine. Nvidia and Microsoft committed on Tuesday to invest up to $10 billion and $5 billion, respectively, in Anthropic as part of a new strategic partnership,. Shares of both companies fell after the announcement.

Plug slumped 18% after the hydrogen technology provider announced plans to offer $375 million of senior convertible notes. The offering would dilute existing shareholders' stake in the company.

Constellation rose 3.3% after the electricity provider said late Tuesday the U.S. government had loaned it $1 billion to finance the restart of the nuclear plant at Three Mile Island in Pennsylvania. Constellation accounts for about a quarter of America's nuclear generation, and it has deals with both Microsoft and Meta Platforms to supply power for their AI data centers.

DoorDash, Inc. rose 2.6% after Jefferies upgraded the food delivery company to Buy from Hold, and raised its price target to $260 from $220. The new price target implies the stock can climb about 19% from its current level.

Nexstar Broadcasting gained 5.8% in after-hours trading on Tuesday after the TV station operator filed an application with the Federal Communications Commission for approval of its acquisition of competitor Tegna. Nexstar said in August that it had agreed to acquire Tegna in a cash transaction worth $22 a share, or a total of $6.2 billion. Tegna traded at $19.90 as of Tuesday's close.

Lowe's reported quarterly earnings of $3.06 per share which beat the analyst consensus estimate of $2.97 by 3.1 percent. Lowe's shares jumped 5% in premarket.

Target on Wednesday reported a bigger-than-expected drop in quarterly comparable sales as cash-strapped U.S. consumers pulled back discretionary spending on apparel and home decor. Target shares fell 1% in premarket.

Lithium stocks shined. Sigma Lithium up 34%; Lithium America, Sociedad Quimica Y Minera and Albemarle up 2%.

Bullish reported third quarter 2025 financial results with adjusted revenue of $76.5 million, up from $44.6 million in Q3 2024. Adjusted EBITDA reached $28.6 million, compared to $7.7 million a year earlier. Bullish shares gained 3% in premarket.

Market News

Target announces partnership with OpenAI as it aims to reverse sales slump

Target (TGT) is the latest retailer to announce a partnership with OpenAI (OPAI.PVT) as Americans switch out traditional search engines for ChatGPT this holiday season.

The partnership, set to launch next week as a test, will enable customers to tag Target in ChatGPT and share what they're looking for.

Nokia Streamlines Business to Focus on AI Infrastructure Boom

Nokia Oyj is banking on the boom in artificial intelligence, streamlining its business to focus on networking infrastructure that can connect AI data centers.

The move will deliver double-digit operating income growth in the coming years, Chief Executive Officer Justin Hotard told Bloomberg News in an interview in New York, ahead of the company’s capital markets day on Wednesday.