By Dow Jones Newswires Staff

Global markets paint a mixed picture as investors react to earnings from the world's most valuable company and look ahead to talks between the U.S. and Iran.

The stock market narrative built around artificial intelligence-fueled growth was tested by chip making giant Nvidia's fourth-quarter earnings. Despite record sales, investors blew hot and cold. U.S. equity futures--including the tech-heavy Nasdaq--slipped, with Nvidia up 1% premarket after falling earlier. Elsewhere, the AI narrative appeared in good shape as chip companies again drove South Korea's blue-chip Kospi index to new records. Earnings prints from Dell and CoreWeave will give further shape to the AI story Thursday.

Investors will focus on talks between the U.S. and Iran in Geneva. Oil prices nudged up ahead of the talks, holding above $70 a barrel, while investors bought into U.S. Treasurys.

--U.S. equity futures nudged down in early European trade. The Dow Jones Industrial Average fell 0.2% premarket, while the S&P 500 and Nasdaq nudged down 0.1%.

Nvidia reported record forth quarter sales and a 94% increase in profit, though traders were unconvinced by the chip maker's guidance. Salesforce failed to assuage investor concerns around the threat of AI agents to software stocks, with the stock falling 3.9% premarket.

Warner Bros. Discovery will also report earnings Thursday, with traders watching for any further updates on the battle between Netflix and Paramount to acquire the company.

--Asian markets were mixed despite a lift from tech giant Nvidia's earnings overnight. Japan's Nikkei Stock Average rose 0.3% to close at another new record, led by tech- and IT-related stocks. South Korea's Kospi ended 3.7% higher, rising for a sixth consecutive session as chip and auto stocks gained, and the central bank stood pat on rates, as widely expected.

Meanwhile, Hong Kong's Hang Seng Index was down 0.8%, while the tech gauge dropped 2.1%, dragged by a range of companies from EV makers to chip stocks. The Shanghai Composite in China ended flat. India's Sensex edged 0.2% lower. Lithium prices rose, buoying some mining stocks in Australia and China following news that Zimbabwe banned the export of lithium-concentrate materials. Battery-makers fell as a result.

--Europe's blue-chip indexes were mixed at market open as markets digest a barrage of earnings reports. The FTSE 100 was flat even as engines-maker Rolls-Royce climbed 5.7% after earnings, while London Stock Exchange Group gained 4.7% after announcing a buyback. Generic drugmaker Hikma Pharmaceuticals plummeted 15.5%, while miners also dragged on the sector.

The German DAX slipped 0.2% as healthcare stocks dragged, with Bayer down 2.1%. In Milan, gains for utilities companies counter losses for financials, holding the FTSE MIB flat. Utilities also weighed on the Spanish IBEX--down 0.3%--though software defense group Indra Sistemas jumped 11.5% after earnings. The French CAC 40 bucked the continental trend, rising 0.4% as energy group Engie jumped 6.8% after announcing a deal to buy a key U.K. electricity distributor.

--The dollar edged lower, dented by tariff uncertainty and concerns about the Federal Reserve's independence. U.S. trade representative Jamieson Greer told the Fox Business Network's Mornings with Maria program Wednesday that the tariff rate for some countries will rise to 15% or higher. Meanwhile, Atlanta Fed President Raphael Bostic said Wednesday the rift between the Fed and Trump has started to erode trust in the central bank's independence. The DXY dollar index fell 0.1% to 97.637.

Sterling fell as voters headed to the polls for a one-off U.K. local district election that could determine Prime Minister Keir Starmer's future. If the ruling Labour Party loses the seat, there are concerns that this could renew the threat of a leadership challenge for Starmer. Investors are concerned that if Starmer and Treasury chief Rachel Reeves were forced out, their replacements could favor increased fiscal spending and trigger fresh debt sustainability fears. Sterling fell 0.2% to $1.3528. The euro rose 0.2% to 0.8723 pounds.

--U.S. Treasury yields declined in Asian trade, reversing the previous day's rise. Hawkish remarks from Bank of Japan policy board member Hajime Takata--who said a rate hike is needed soon even as inflation risks mount in Japan--haven't affected U.S. Treasurys. Weekly jobless claims data are due later Thursday on a day otherwise light in U.S. data. The two-year Treasury yield fell 0.8 basis points to 3.462%, while the 10-year yield declined 0.6 basis points to 4.041%, according to Tradeweb.

Yields on U.K. government bonds were steady as investors await the outcome of Thursday's special election. Ten-year gilt yields were little changed at 4.319%, Tradeweb data show. Eurozone government bond investors will focus on Italy's auction of up to 9 billion euros in 2031- and 2036-dated fixed-rate government bonds, or BTPs, and 2035-dated floating rate notes, or CCTeu, with results due shortly after 1000 GMT. Italy's auction will round off government bond sales in the eurozone for February. The 10-year German Bund yield was up 0.3 basis points at 2.711%.

--Bitcoin fell as U.S. stock futures pointed to a lower open after Nvidia's earnings. The drop in cryptocurrencies since October has come alongside a similar fall in tech stocks, Jefferies economist Mohit Kumar said in a note. "We believe that the linkage between crypto and tech stocks will persist over the coming months." Bitcoin dropped 1.5% to $67,904 after reaching a one-week high of $69,847 Wednesday.

--Oil prices edged higher ahead of a third round of nuclear talks between the U.S. and Iran later on Thursday. In early trade, Brent crude was up 0.3% to $70.94 a barrel, while WTI rose 0.3% to $65.35 a barrel. "A constructive resolution would likely prompt the market to gradually unwind as much as a $10/bbl risk premium, which we believe is currently priced in," analysts at ING said. "If talks break down, the upside risk remains, but the market may hold off on a full reaction until the scale of potential U.S. action against Iran becomes clearer." Meanwhile, the latest EIA data showed U.S. crude oil inventories rose by 16 million barrels last week, the largest weekly build since February 2023.

--Gold prices slipped in early trading but remain above $5,100 a troy ounce as investors look ahead to U.S.-Iran talks later on Thursday. New York futures fell 0.7% to $5,191.60 an ounce, with gains tempered by concerns that U.S. interest rates could remain on hold for some time. Still, the metal is up more than 3.5% on the week, supported by renewed uncertainty around U.S. trade policy and geopolitical tensions with Iran. "Any escalation in tensions involving Iran is likely to add further support and reinforce gold's role as a hedge against shocks," analysts at ING say. "At the same time, the structural drivers behind gold's earlier rally remain firmly in place."

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

February 26, 2026 04:47 ET (09:47 GMT)

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