US Stocks Unchanged Ahead of Nvidia Earnings as AI Spending Takes Center Stage

The US stock market settled little changed on Wednesday ahead of Nvidia's earnings results after the close. The S&P 500 Index closed down by -0.02%, while the Dow Jones Industrial Average fell by -0.21% and the Nasdaq 100 Index rose by +0.05%. E-mini S&P futures rose by +0.02% and September E-mini Nasdaq futures rose by +0.08%.

Wednesday's US economic news was mixed, with July capital goods new orders nondefense ex-aircraft and parts rising less than expected, but personal spending and income beating forecasts.

Nvidia's earnings results are closely watched as a barometer of AI spending, with analysts projecting that the company's Q2 revenue will nearly double from last year. The company's biggest customers' capital spending is also under scrutiny, along with future demand and financing deals.