Stocks gain as markets await Nvidia earnings; dollar and bitcoin surge

European stocks gained alongside U.S. futures as traders awaited Nvidia’s quarterly earnings for market direction. The Stoxx Europe 600 climbed 0.6%, while S&P 500 and Nasdaq 100 futures pointed to a positive U.S. open after Wall Street rebounded from volatility tied to escalating tensions in Ukraine. The British pound extended its rally as U.K. inflation exceeded expectations, dampening hopes for Bank of England rate cuts.

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Nvidia shares, up 4.9% in the previous session, are in focus as investors assess whether its AI-driven growth streak will continue. Barclays strategists called the results a pivotal event for the year, surpassing the importance of the Federal Reserve’s December meeting. “High expectations surround Nvidia’s earnings, with markets positioned for a fifth consecutive beat,” said Tony Sycamore, an analyst at IG Australia.

The dollar recovered modestly after a three-day decline, while the 10-year U.S. Treasury yield rose three basis points. Bitcoin hit another record high amid growing U.S. crypto adoption under President Trump, who tapped Howard Lutnick to lead the Commerce Department. Oil remained steady, with U.S. crude inventory data pending.