Wall Street set to open higher on earnings season and Fed remarks

Wall Street appeared poised for a higher open Wednesday as strength in blue-chip stocks fueled a record rally, with remarks from Federal Reserve Chairman Jerome Powell and key inflation data expected to offer more clues this week. AI chip favorite Nvidia rose 2.1% in premarket trading after hitting a nearly three-week high in the previous session.

Tesla also gained 0.3% after HSBC raised its target price on the electric vehicle maker, which on Tuesday posted its longest 10-session winning streak this year. Other so-called “Magnificent Seven” shares, including Apple, Alphabet and Microsoft, rose 0.3% to 0.5% as U.S. Treasury yields fell.

As of 8:40 a.m. ET, the Dow Jones e-mini index was up 20 points, or 0.05%, the S&P 500 e-mini index was up 14.25 points, or 0.25% and the Nasdaq 100 e-mini index was up 83 points, or 0.40%. Shares of Goodyear Tire & Rubber Company were up 1.6% after a report that Japanese company Yokohama Rubber is in talks to buy the company’s off-road tire business for at least $1 billion.

(Disclaimer: Based on information obtained from the agency.)