Nvidia Earnings and Inflation Data Weigh on U.S. Stock Futures
U.S. stock futures drifted lower on Wednesday, indicating a cautious start to trading as investors held back ahead of Nvidia's (NVDA) fiscal second-quarter results and the latest reading on the Federal Reserve's preferred inflation gauge.
The Nasdaq 100 (NDX) futures slipped 0.11%, while S&P 500 (SPX) futures were down 0.08% at 1:49 a.m. EDT on August 26. Dow Jones Industrial Average (DJIA) futures remained little changed, following a firmer session on Tuesday when major indexes closed higher as semiconductor stocks recovered from sharp losses earlier in the week.
The rebound in chip names came as traders positioned for Nvidia's earnings, which are due after Wednesday's closing bell. Wall Street expects the AI bellwether to report earnings of $2.10 per share on revenue of $92.18 billion, according to one report.