Global equities traded in a narrow range on Wednesday as investors awaited Nvidia Corp.’s quarterly results, scheduled for release after the US closing bell. The report is viewed as a critical gauge of whether the year-long rally in artificial-intelligence stocks can continue. Derivatives markets point to a 6.1% swing in Nvidia’s share price—about US$270 billion in market value—once the numbers land. At roughly US$4.4 trillion, the chip designer now accounts for about 8% of the S&P 500, meaning even a modest surprise could jolt broader benchmarks. In Asia, the Nikkei 225 added 0.3% to 42,520.27, buoyed by a 4.5% gain in chip-tester Advantest, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 1.3% and 1.8%, respectively. European indices were mixed: Germany’s DAX slipped 0.2% and France’s CAC 40 rose 0.4%. US stocks were little changed at the open, with the S&P 500 near 6,461 and the Dow Jones hovering around 45,412. Bond markets reflected separate concerns over monetary policy. Two-year Treasury yields fell to 3.65%, a four-month low, as traders assigned an 80% probability to a quarter-point Federal Reserve rate cut in September. The move follows President Donald Trump’s bid to dismiss Fed Governor Lisa Cook, a step she is contesting in court, intensifying debate over the central bank’s independence. Political uncertainty in France and fresh trade frictions with India added to the cautious tone ahead of Nvidia’s results.