Dow, S&P 500, Nasdaq futures wobble after Nvidia’s big earnings, forecast beats
U.S. stock futures fell below the baseline late Wednesday as Wall Street scrapped new quarterly results from chip heavy Nvidia (NVDA) to guide the next leg of AI trading.
Contracts tied to the Dow Jones Industrial Average (YM=F) fell 0.1%. S&P 500 (ES=F) and Nasdaq 100 (NQ=F) futures fell around 0.3%.
The cautious tone in futures follows a solid session for stocks. The S&P 500 (^GSPC) rose on Wednesday, marking its second straight rise. Nasdaq Composite (^IXIC) and Dow Jones Industrial Average (^DJI) finished the day in green.
Nvidia (NVDA) shares jumped in extended trading before giving up those gains. The semiconductor giant beat Wall Street’s Q4 profit and revenue expectations, allaying some fears around the “AI scare trade” that has gripped markets this year. In contrast, Salesforce (CRM) is down roughly 5%, with AI-focused sales seeing the company fall nearly 28% year-to-date.
Technology and software stocks led the recovery during regular trading. Oracle (ORCL) and all members of the “Magnificent Seven” gained. These gains come despite President Trump announcing in his State of the Union address that he expects Big Tech to pay an ever-increasing electricity bill from data centers.
Looking ahead to the economic calendar, investors will examine weekly jobless claims data on Thursday, followed by the January producer price index report on Friday.
Wall Street also believes Warner Bros. Discovery (WBD) continues to see gains roll in, with quarterly results from Dell Technologies (DELL) and CoreWeave (CRWV) scheduled to be released on Thursday.
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