US stock futures were little changed Wednesday as investors waited on Nvidia’s (NVDA) blockbuster earnings report, a key test of the tech-driven summer rally.
Dow Jones (YM=F), S&P 500 (ES=F), and Nasdaq 100 (NQ=F) futures hovered around the flat line after small gains on Wall Street. Nvidia, the world’s most valuable company, is expected to post record revenue and profit after the bell. But its forecast of an $8 billion hit from President Trump’s China chip restrictions has traders on edge.
Options markets imply a post-earnings swing of about 6%, or $260 billion in market value — making the results a pivotal moment for the broader AI trade.
Elsewhere, Trump’s firing of Fed governor Lisa Cook over alleged mortgage fraud barely rattled stocks, though bond markets flashed mild stress. Two-year yields edged up to 3.65% after hitting their lowest since May, while 30-year yields (^TYX) held above 4.9%.
Trade headlines also grabbed attention. The EU is reportedly fast-tracking the removal of tariffs on US industrial goods, clearing the way for reduced duties on European auto imports.
Meanwhile, Trump’s 50% tariffs on Indian goods took effect Wednesday in retaliation for Russian oil purchases. Crude prices (CL=F, BZ=F) were steady after Tuesday’s 2% drop.
Cracker Barrel (CBRL) shares extended gains in premarket after the chain restored its old logo following public and Trump-led pressure.