Dow, S&P 500, Nasdaq Futures Rise As Investors Look Past Iran Tensions, Focus On Earnings: AVGO, SNOW, DELL, HPE Stocks In Focus

• Meanwhile, a recent spike in U.S.-Iran military tensions over the Strait of Hormuz have kept oil prices elevated, stoking inflation and higher-interest-rate concerns.
• On Wednesday, U.S. President Donald Trump suggested renaming the Strait to 'Trump Strait,' claiming the U.S. had full control over the critical waterways. 
• On the economic front, the August jobs report is set for release on Friday. 

U.S. stock futures were trading higher in the overnight session late Wednesday as markets tuned in on earnings results from marquee names and looked past the ongoing conflict in the Middle East.  

Dow futures climbed 0.11%, while the S & P 500 and Nasdaq-100 gained 0.07% and 0.14%, respectively, at 11:32 PM EDT.  

On Wednesday, the Dow Jones Industrial Average and S & P 500 snapped a three-day losing streak to close up 0.56% and 0.46%, respectively. The Nasdaq Composite ended the session 0.45% higher. 

Key US Market Drivers

Even as geopolitical tensions continued to escalate between the U.S. and Iran, markets focused on key earnings updates on Wednesday. 

While Broadcom Inc. (AVGO) and Hewlett Packard Enterprise Co. (HPE) posted disappointing results, sending shares lower overnight, Dell Technologies Inc. (DELL) shares surged after blockbuster results and a $25 billion raise to its annual revenue outlook, bolstered by booming AI server and storage demand.

Melius Research raised its price target on DELL to $735 from $650 while maintaining a 'Buy' rating, followed by JPMorgan, which raised its price target to $635 from $565. 

"Storage strength is really playing a role and ​it seems sustainable as AI is driving fundamental growth in ​Dell's most profitable business," analysts at Melius Research reportedly said, as per Reuters. 

Meanwhile, a recent spike in U.S.-Iran military tensions over the Strait of Hormuz has kept oil prices elevated, stoking inflation and higher-interest-rate concerns.

“The U.S. Navy continues to strictly enforce the U.S. blockade against Iran. As of Sept. 2, U.S. forces have redirected 86 commercial vessels, disabled 3 and boarded 2 to ensure compliance,” the U.S. Central Command said in a post on X. 

In a separate post, CENTCOM said that“U.S. forces remain vigilant and ready” as two U.S. fighter jets patrol the skies over the Middle East.

Earlier on Tuesday, U.S. President Donald Trump declared that the U.S. was in a strong position,“with almost total control of the Hormuz Strait,” while Iran's economy was collapsing.“They are just playing out the inevitable,” he said in a post on X. 

On Wednesday, the president doubled down on his stance in a separate post, saying.“Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT??? Like America itself, it would be 'hotter' than ever before!”

Brett Erickson, Managing Principal, Obsidian Risk Advisors, commented on the ongoing conflict in a post on X, noting that the“best case outcome” from the war would likely be a civil war or mass counterinsurgency inside of Iran,“at the COST of global economic destruction and likely a major humanitarian crisis across the Gulf.”

“For the President that hates participation trophies more than anyone else...That's the best case outcome,” he said. 

Meanwhile, oil prices were mixed amid the tensions. Brent crude futures expiring in November were down about 0.09% to trade at $95.54 a barrel at the time of writing. Meanwhile, WTI crude futures expiring in October were trading at $91.11 per barrel, up 0.11%. 

The U.S. 10-year Treasury yield was trading marginally lower at 4.772%. The U.S. 30-year Treasury yield was trading at 5.245% at the time of writing. 

On the economic front, the August jobs report is set to be released on Friday. 

Trending Stocks To Watch 

Broadcom Inc. (AVGO): Shares of the chipmaker were down more than 1% overnight as a weaker-than-expected fourth-quarter revenue forecast pressured the company.

Snowflake Inc. (SNOW): The company's stock rallied 24% overnight amid strong second-quarter results and a hike in its full-year sales guidance, beating Wall Street expectations.

Dell Technologies Inc. (DELL): Shares of the computer hardware maker jumped nearly 16% higher at close after its second-quarter results impressed investors and Wall Street issued a series of price target hikes. 

Hewlett Packard Enterprise Co. (HPE): The company's shares fell more than 5% overnight despite posting beat-and-raise results, indicating that investors may be concerned about its outlook. 

Other Market Trends 

Among ETFs tracking benchmark indexes, the SPDR S & P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) were all trending higher at the time of writing. 

The iShares 20+ Year Treasury Bond ETF (TLT) was up 0.23% amid 'neutral' sentiment.

Asian markets were trading higher at the open on Wednesday. South Korea's KOSPI, China's SSE Composite, Japan's Nikkei 225 and Australian stocks were all trading in the green at the time of writing. 

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