Stock Market Today: Stocks mixed with Nvidia in focus; Bitcoin surges

Check back for updates throughout the trading day

U.S. equity futures were mixed in early Tuesday trading, while the dollar slipped lower and Treasury yields steadied, as investors looked to Nvidia's first quarter earnings later in the week for a spark to end the current market torpor. 

Stocks were mixed at the close of trading Tuesday as well, with the Dow ending nearly 200 points lower and recording its worst day of the month following a 4.5% decline in shares of JPMorgan  (JPM) .

Still, the market's key volatility gauge, the CBOE Group's VIX index, is trading near the lowest levels since the pandemic, suggesting little concern for geopolitical risks or major economic releases over the coming weeks.

The VIX index was last marked 4% higher in the overnight session at $12.47, a level that suggests traders are expecting daily swings of 0.78%, or 41 points, for the S&P 500 over the next month.

Nvidia's  (NVDA)  first quarter earnings, due after the close of trading Wednesday, could alter that dynamic, as Wall Street analysts continue to nudge their profit and outlook forecasts heading into the release.

"With investor expectations becoming ever more optimistic, any signs of cracks appearing in the demand profile could serve to cause an outsized upset in market performance whilst a continued bullish message could see US markets attain new highs," said Lindsay James, investment strategist at London-based Quilter Investors.

Tuesday's session, however, looks set for a muted open with futures contracts tied to the S&P 500 indicating a modest 5 point opening bell gain and those linked to the Dow Jones Industrial Average priced for a 28 point advance.

The tech-focused Nasdaq, meanwhile, is called 2 points lower following last night's 109 point gain.

Related: Analysts race to revamp Nvidia price targets ahead of earnings

Palo Alton Networks  (PANW)  were a notable early mover, falling nearly 8% in premarket trading, after the cybersecurity group issued a downbeat forecast that clouded its third-quarter earnings beat.

Lowe's Companies  (LOW)  rose 2.3% after the Home Depot  (HD)  rival posted stronger-than-expected fiscal-first-quarter earnings, despite a 4.1% decline in same-store sales and stuck to its full-year profit forecasts.  

Macy's  (M)  tumbled 6.8% after the retailer posted stronger-than-expected fiscal-first-quarter profit but noted a 3.7% slide in overall sales and issued a muted near-term forecast. 

Bitcoin prices were also on the move, rising to $71,700 each in the early session, amid speculation that opposition to an ether spot ETF from U.S. regulators is easing.

"The chance of approval remains low - just 10% by June, although year-end probabilities have ticked higher following a Coinbase analyst writing that the market may be 'underestimating the timing and odds of a potential approval," according to the Wintermute OTC Trading Desk. 

In the bond market, benchmark 10-year Treasury note yields edged modestly higher in overnight dealing to change hands at 4.428% while 2-year notes held at 4.831%. The moves come ahead of the Philadelphia Fed activity index release at 8:30 a.m. U.S. Eastern Time.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.07% lower at 104.495.

More Wall Street Analysts:

• Analyst unveils new Nike price target ahead of big summer for sports
• Analysts weigh in on Google-parent Alphabet’s stock after cloud event
• Analysts revamp Disney stock price target after proxy fight

In overseas markets, Europe's Stoxx 600 was marked 0.46% lower in early Frankfurt trading, while Britain's FTSE 100 fell 0.4% in London.

Overnight in Asia, Japan's Nikkei 225 gave back earlier session gains to close 0.31% lower in Tokyo, while the regionwide MSCI ex-Japan benchmark fell 0.87% into the close of trading. 

Related: Single Best Trade: Wall Street veteran picks Palantir stock