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Intuit gains after forecasting Q3 revenue above estimates

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GM rises on $6 billion buyback, higher dividend plan

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Futures up: Dow 0.27%, S&P 500 0.54%, Nasdaq 0.81%

(Updates to before markets open)

By Johann M Cherian and Sukriti Gupta

Feb 26 (Reuters) - Wall Street's main indexes were set

to open higher on Wednesday, after logging several days of

declines, as investors awaited Nvidia's ( NVDA ) results to gauge the

direction of AI demand and focused on a crucial tax-cut

proposal's progress through Congress.

At 08:29 a.m. ET, Dow E-minis were up 120 points,

or 0.27%, S&P 500 E-minis were up 32.25 points, or 0.54%

and Nasdaq 100 E-minis were up 172.25 points, or 0.81%.

Investors have been on edge since last week as a series of

data releases, including Tuesday's weak consumer sentiment

print, suggested the world's largest economy might be stalling,

even as sticky inflation keeps the Federal Reserve cautious

about lowering interest rates further.

Nvidia's ( NVDA ) quarterly results and forecasts, expected

after markets close, are likely to set the tone for artificial

intelligence stocks that have dominated Wall Street. The launch

of low-cost AI models from China's DeepSeek had rattled the

industry in January and raised questions around Big Tech's heavy

investments into the technology.

The benchmark S&P 500 and the Nasdaq logged

their biggest four-day declines since September on Tuesday,

mainly due to weakness in tech stocks, as an analyst report also

hinted at overcapacity in AI infrastructure.

Nvidia ( NVDA ) shares gained 2.9% in premarket trading, while peers

Broadcom ( AVGO ) and Advanced Micro Devices ( AMD ) added 2.8%

and 1.3%, respectively.

"The demand for their chips remains very, very high but

unfortunately, investor expectations might be even higher," said

Sam Stovall, chief investment strategist at CFRA Research.

Megacaps such as Amazon.com ( AMZN ) and Alphabet

rose over 1% each, while Tesla gained 1.7%, a day after

the electric-vehicle maker's market value fell below $1

trillion.

A Reuters poll showed strategists still expect the S&P

500 to finish 2025 about 9% higher than current levels, although

market volatility will persist.

On the fiscal front, President Donald Trump's $4.5 trillion

tax-cut and border security agenda will be sent to the U.S.

Senate after passing the Republican-controlled House of

Representatives.

"Keeping the tax cuts is what... many on Wall Street want,

because should the tax rates revert, then that would end up

taking more money out of the system," Stovall said.

However, given broader economic uncertainty, futures

tracking the domestically-focused Russell 2000 index

inched up 0.5%, while yields on Treasury bonds recouped some of

Tuesday's declines.

Traders expect the Fed to deliver its first interest rate

cut in July, according to data compiled by LSEG. Remarks from

policymakers Thomas Barkin and Raphael Bostic, due later in the

day, are likely to reiterate the central bank's cautious stance.

In the latest on global trade, Trump ordered a probe into

potential new tariffs on copper imports, sending prices of the

red metal higher. Phoenix-based copper miner Freeport-McMoran ( FCX )

jumped 4.7%.

Lowe's added 3.5% after the retailer reported a

surprise rise in fourth-quarter same-store sales.

Intuit shares rose 8.2% after the TurboTax maker

forecast third-quarter revenue above Street estimates.

General Motors ( GM ) rose 3.3% as the automaker said it

would increase its quarterly dividend by 25% and undertake a new

$6 billion share buyback program.