Wall Street stocks rose on Wednesday as traders awaited earnings from US tech titan Nvidia (NVDA) after the bell and continued to digest president Trump’s State of The Union address. The FTSE 100 (^FTSE) and European stocks also advanced after Asian markets surged to record highs with tech firms leading the way.

It comes as investors are expecting today’s quarterly report to have a sizeable impact on broader markets. Analysts at Morgan Stanley, led by Joseph Moore, said they expect strong fourth quarter results from Nvidia (NVDA) and expressed very high confidence that the company would perform well for the full year.

Meanwhile, Kathleen Brooks, research director at XTB, said investors are expecting “a monster set of results” as it continues to benefit from massive capital expenditure by the hyperscalers.

“Nvidia has been relatively unscathed by the ferocious sell-off across some tech sectors in recent months, and they are expected to deliver monster revenues to the tune of $65.9bn for last quarter,” she said.

Read more: Eurozone inflation confirmed at 16-month low of 1.7%

Traders are bracing for a sharp move in the shares on the earnings report, with options pricing suggesting that the stock could move as much as 6% in either direction by the end of the week.

It also comes just a few weeks before the company is set to host its GTC 2026 event in San Jose, California, where it is expected to make a number of major product announcements.

After the closing bell in New York will also be earnings from Salesforce (CRM) and Snowflake (SNOW).

Elsewhere, UK energy bills are set to fall by £117 to a typical annual bill of £1,641, regulator Ofgem revealed on Wednesday. It announced a 7% reduction of the energy price cap for the period covering 1 April to 30 June.

The move amounts to a cut of around £10 a month for the average household using both electricity and gas — more than £200 lower than a year ago. However, prices are still about a third higher than before the war in Ukraine, and billpayers are being urged to shop around for further savings.

Read more: Gold prices rise after Trump’s State of the Union speech

Tim Jarvis, director general in charge of markets at Ofgem, said: “Today’s announcement will be welcome news for many households. Wholesale energy prices have fallen in recent months, and we’re investing in our network to safeguard the future energy system. The main driver of today’s reduction is the change to policy costs announced by the chancellor in the budget.”

“We’re also seeing encouraging signs of greater engagement and competition, with switching increasing by almost 20% year on year. More households are choosing time‑of‑use tariffs that offer cheaper off‑peak rates, and suppliers are offering a wider range of products, including deals with savings at evenings or weekends.”