Nvidia's Q2 Results to Shape Market Outlook Amid Semiconductor Sector Gains

Nvidia's Q2 results are set to be released after hours on Wednesday and will serve as a bellwether for the broader market, given its status as the largest-weighted stock in the S&P 500 index.

The semiconductor industry saw higher gains on Tuesday ahead of the AI darling's expected results, with the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) indexes each rising more than 1.5% at close.

However, U.S. stock futures were edging lower in the overnight session late Tuesday, with Dow futures climbing 0.04%, while S&P 500 futures fell 0.08% and Nasdaq-100 futures lost 0.19% at 10:58 PM EDT.