Dow futures rise 75 points: 5 things to know before market opens

• Nvidia rose 1.6% pre-market before after-hours earnings, with other chipmakers rallying sharply: Marvell up 5%, Intel up 4.9%, and Micron up 3.9%.
• The 10-year Treasury yield pulled back to 4.6533% after hitting a 16-month peak, providing relief to rate-sensitive technology stocks.
• Analog Devices announced a $1.5 billion acquisition of Empower Semiconductor to strengthen its AI power-management portfolio for data centers and automotive markets.

Market Summary: May 20, 2026

Key Market Movements

US equity futures rose Wednesday morning, with Dow futures up 75 points (+0.2%), S&P 500 futures gaining 0.4%, and Nasdaq 100 futures climbing 0.8%. The advance was driven by a rebound in semiconductor stocks ahead of Nvidia's highly anticipated earnings report.

Semiconductor Sector Focus

Nvidia emerged as the session's focal point, rising 1.6% pre-market before releasing results after the close. The company serves as a proxy for AI infrastructure demand and investor sentiment toward AI-related equities. Other chipmakers rallied strongly: Marvell Technology (+5%), Intel (+4.9%), and Micron (+3.9%).

Analog Devices gained 3.8% after announcing a $1.5 billion cash acquisition of Empower Semiconductor, targeting AI power-management capabilities for data centers and edge computing.

Fixed Income and Commodities

The 10-year Treasury yield eased to approximately 4.65% after hitting a 16-month high of 4.687% in the previous session, providing relief to rate-sensitive technology stocks.

Oil prices declined roughly 1%, with Brent crude at $109.76 and WTI near $102.79 per barrel, following President Trump's statement that the Iran conflict would end "very quickly," reducing immediate supply disruption concerns.

Market Implications

Investors face a critical test of the AI trade's sustainability through Nvidia's results, which will signal whether AI capital expenditure remains robust enough to justify premium tech valuations. The session also includes Fed minutes release at 2 PM, adding potential volatility around monetary policy expectations. Rising rate anxiety remains a headwind despite Wednesday's bond market stabilization.