Dow Jones Futures Rise, Oil Prices Fall, Nvidia Up On China News; Fed, Micron Earnings Loom

2026-03-25 00:11:51

Dow Jones futures rose slightly early Wednesday, along with S&P 500 futures and Nasdaq futures. The Federal Reserve meeting announcement is due, but attention will turn to earnings from red-hot memory giant Micron Technology (MU) after the close.

Nvidia (NVDA) rose slightly after CEO Jensen Huang said the company is restarting production of H200 chips for China.

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The stock market saw slim-to-modest gains Tuesday after Monday’s solid bounce, but the major indexes came off highs, still off key levels. Crude oil futures rebounded after Monday’s solid declines.

The Fed meeting may be a nonevent Wednesday afternoon. There’s virtually no chance of any Fed move, with policymakers expected to remain on hold for several months, though the economic and geopolitical picture is very much in flux.

Micron earnings late Wednesday should be key for memory plays, the chip sector and AI hardware plays broadly. Micron stock is flirting with a breakout while fellow memory plays Sandisk (SNDK), Western Digital (WDC) and Seagate Technology (STX) show bullish action. Memory-exposed chip-equipment makers ASML (ASML), KLA Corp. (KLAC), Lam Research (LRCX) and Applied Materials (AMAT) are setting up.

Sandisk stock and Nvidia are on Leaderboard. KLA stock is on IBD Long-Term Leaders. Micron stock is on the IBD 50. Micron, Sandisk and Western Digital stock are on the IBD Big Cap 20.

The video embedded in the article reviews Tuesday’s market action and analyzes ASML stock, Ensign Group (ENSG) and Constellium (CSTM).

Dow, S&P 500 Break Lows; Micron Crushes Views Late But Oil Hits $100

Dow Jones Futures Today

Dow Jones futures were 0.2% above fair value. S&P 500 futures climbed 0.2% and Nasdaq 100 futures rose 0.2%. Futures are off morning highs.

U.S. crude futures fell 1% to just above $95 a barrel. Brent crude climbed slightly, above $104. Iraq and its semi-autonomous Kurdistan region reached a deal to resume oil exports via a pipeline through Turkey. But Israel reportedly struck a huge gas processing facility in Iran.

The 10-year Treasury dipped to 4.18%, continuing a retreat.

Investors will get the February PPI inflation report at 8:30 a.m. ET. The Fed meeting statement is due at 2 p.m., with Fed chief Jerome Powell’s press conference at 2:30 p.m.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze leading stocks and the market on IBD Live

Nvidia H200 China Orders

Nvidia has finally gotten Beijing’s approval for H200 chip sales, receiving orders from Chinese customers for the older AI processor, CEO Huang said late Tuesday. The company is firing up the supply chain as a result. Nvidia hasn’t had any China sales for several quarters.

Nvidia stock rose about 1% in premarket trade. Shares have been hitting resistance at the 50-day line over the past several sessions after rebounding from the 200-day line on March 9.

Stock Market Rally Attempt

The stock market rally attempt saw modest gains Tuesday that faded somewhat as crude oil prices rebounded.

The Dow Jones Industrial Average edged up 0.1% in Tuesday’s stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite rose 0.5%. The small-cap Russell 2000 advanced 0.7%. All are below their 21-day and 50-day moving averages.

The Nasdaq did not undercut recent lows on Friday, so a follow-through day is still possible any day. Tuesday marked day two of a stock market rally attempt for the S&P 500 and Dow Jones, making a FTD possible on those indexes starting Thursday.

U.S. crude oil prices rose 2.9% to $96.21 a barrel.

The 10-year Treasury yield fell two basis points to 4.2%.

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ETFs

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) rose 0.7%. The VanEck Vectors Semiconductor ETF (SMH) gained 0.75%. Nvidia stock is the No. 1 holding, while Micron, ASML, KLA, Applied Materials and Lam Research stock are all in the ETF.

ARK Innovation ETF (ARKK) added 1.4% and ARK Genomics ETF (ARKG) popped 2.45%.

SPDR S&P Metals & Mining ETF (XME) edged up 0.3%. U.S. Global Jets ETF (JETS) climbed 2.1%. The Energy Select SPDR ETF (XLE) was up 1% and the Health Care Select Sector SPDR Fund (XLV) lost 0.9%.

The Industrial Select Sector SPDR Fund (XLI) gained 0.3%. The Financial Select SPDR ETF (XLF) rose 0.5%.

Best Growth Stocks To Buy And Watch

Micron Earnings: Eight Stocks To Watch

Micron presumably will report strong earnings and guidance Wednesday night as well as forecast that the memory boom will continue indefinitely. But will that wow investors that are expecting all that?

Micron stock popped 4.5% to 461.69, clearing a 455.50 consolidation buy point, with its relative strength line hitting a new high. MU stock was actionable Monday as it gapped above a downward-sloping trendline as well as short-term highs.

Sandisk stock climbed 2.35% to 720.47, holding above a 691.54 buy point from a short double-bottom base.

Western Digital stock surged 9.6% to 313.81, vaulting above a 309.90 three-weeks-tight entry. But WDC stock is now 22% above its 50-day line.

Seagate stock ran up 5.6% to 421.09, actionable from the 50-day line and breaking a downtrend.

All those memory plays were up 2%-3% early Wednesday.

Meanwhile, ASML, KLAC, Lam Research and Applied Materials are all trading just above their 50-day lines after recent pullbacks, with slim gains before the open. KLA stock is the only one with a base, according to MarketSurge. But all could be actionable with positive reactions to Micron earnings.

What To Do Now

The stock market has bounced back a bit this week, but is still in an up-and-down pattern with a downside bias. A market rally attempt is underway but is very much at the mercy of oil prices. It’s not hard to imagine oil prices falling, triggering a follow-through day, only for crude futures to surge once again.

It’s a high-risk market, with just enough high-octane stocks rising for just long enough to entice investors.

Aside from long-term holdings and pilot positions, investors should largely be cautious, just in case. Being 100% in cash is a perfectly sound strategy.

Keep working on watchlists, but for now protect your capital and mental capital.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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