Stock Market Today: Dow Jones, Nasdaq 100 Futures Rise After Trump's State Of The Union Address—Nvidia, HSBC, Workday In Focus
U.S. stock futures rose on Wednesday after closing higher on Tuesday. Futures of all the major benchmark indices were positive.
President Donald Trump declared the “Golden Age of America” had arrived, claiming his administration achieved a “turnaround for the ages” by securing $18 trillion in global investment and driving core inflation down to 1.7%, at the 2026 State of the Union Address.
He touted 53 all-time stock market highs while vowing to replace income tax with foreign tariffs and launching “Trump Accounts” to provide every American child with a tax-free investment stake in the equity markets.
Meanwhile, Scott Bessent sidestepped $134 billion tariff refund questions, slamming corporate lawsuits as “ultimate welfare” following Trump's speech.
The 10-year Treasury bond yielded 4.05%, and the two-year bond was at 3.47%. The CME Group's FedWatch tool‘s projections show markets pricing a 98% likelihood of the Federal Reserve leaving the current interest rates unchanged in March.
| Index | Performance (+/-) |
| Dow Jones | 0.14% |
| S&P 500 | 0.16% |
| Nasdaq 100 | 0.20% |
| Russell 2000 | 0.42% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Wednesday. The SPY was up 0.16% at $688.42, while the QQQ advanced 0.20% to $609.04.
Stocks In Focus
Workday
- Workday Inc. (NASDAQ:WDAY) plunged 9.51% in premarket on Wednesday despite posting upbeat fourth-quarter earnings, because it issued forward guidance below estimates.
- WDAY maintains a weak price trend over the long, short, and medium terms, with a solid growth ranking, as per Benzinga's Edge Stock Rankings.
HP
- Benzinga’s Edge Stock Rankings indicate that HPQ maintains a weak price trend over the short, medium, and long terms, with a moderate value score.
HSBC Holdings PLC
- HSBC Holdings PLC (NYSE:HSBC) rose 4.43% after the lender reported a 6% increase in net interest income to $34.8 billion for 2025. It also cut 10% of its U.S.-based debt capital.
- HSBC maintains a strong price trend over the short, medium, and long terms, with a solid quality score, as per Benzinga's Edge Stock Rankings.
Nvidia
- Nvidia Corp. (NASDAQ:NVDA) was 0.44% higher as analysts expected it to post earnings of $1.53 per share on revenue of $65.87 billion, after the market’s close.
- Benzinga’s Edge Stock Rankings indicate that NVDA maintains a strong price trend over the short, medium, and long terms, with a weak value score.
Shell PLC
- Shell PLC (NYSE:SHEL) was 0.69% higher after it signed a Memorandum of Understanding with METLEN Energy on Tuesday for cooperation in liquefied natural gas supply and trading, according to a press release statement.
- Benzinga’s Edge Stock Rankings indicate that SHEL maintains a strong price trend over the long, medium, and short terms, with a solid value score.
Cues From Last Session
Consumer discretionary, information technology, and industrials sectors led the S&P 500 higher on Tuesday, while energy and health care stocks trended lower.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.76% | 49,174.50 |
| S&P 500 | 0.77% | 6,890.07 |
| Nasdaq Composite | 1.04% | 22,863.68 |
| Russell 2000 | 1.20% | 2,652.33 |
Insights From Analysts
Professor Jeremy Siegel maintains an optimistic outlook for the U.S. economy and equity markets in 2026, citing a “combination [that] clears the runway for stronger earnings growth and market momentum.”
Despite a softer 1.4% fourth-quarter GDP report, Siegel argues that underlying private demand remains robust at 2.5% to 3% when accounting for government shutdown disruptions. He views this not as a recessionary signal, but as “trend-like growth in an economy that faced tariff headwinds.”
A pivotal Supreme Court ruling striking down broad tariff authorities is central to his thesis. Siegel believes this “puts a limit on the executive branch” and serves as a catalyst for a less adversarial trade regime.
He anticipates a market rotation favoring small caps, industrials, and globally exposed companies that previously bore the brunt of trade uncertainty. While geopolitical tensions and oil prices remain “swing factor[s],” he views potential energy-driven volatility as a “recalibration, not a cycle-ending shock.”
Ultimately, Siegel advises investors to view uncertainty-driven declines as an “opportunity to accumulate equity,” as the long-term outlook remains excellent.
Upcoming Economic Data
Here's what investors will be keeping an eye on Wednesday.
- Richmond Fed President Tom Barkin will speak at 9:35 a.m., and Kansas City Fed President Jeffrey Schmid will speak at 11:00 a.m. ET.
Commodities, Gold, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 0.08% to hover around $65.58 per barrel.
Gold Spot US Dollar rose 0.92% to hover around $5,191.54 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.02% lower at the 97.8230 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 3.73% higher at $65,469.56 per coin, as per the last 24 hours.
Asian markets closed higher on Wednesday as South Korea's Kospi, China’s CSI 300, Japan's Nikkei 225, Hong Kong's Hang Seng, India’s Nifty 50, and Australia's ASX 200 indices rose. European markets were also higher in early trade.
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