Premarket: Global stocks near all-time peaks as Nvidia earnings loom

Global stocks held near record highs on Wednesday ahead of the release of results from chipmaking market darling Nvidia, while sterling hovered near a 2-1/2-year high as traders bet that Britain would lag the U.S. in cutting interest rates.

Nvidia’s market value has ballooned thanks to its dominance of the computing hardware behind artificial intelligence. The stock price is up some 3000% since 2019 and with a market capitalization of $3.2 trillion, a move in its share price affects the broader market. S&P 500 futures were steady during early European trading hours, while Nasdaq 100 futures fell 0.01%.

Globally, a weakening dollar in anticipation of U.S. rate cuts has lifted most other currencies because markets see U.S. short-term rates, currently above 5.25%, as having the furthest to fall. The tone contrasts with caution at the Bank of England, which has helped sterling become the top-performing G10 currency with a 4.1% gain for the year-to-date.

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