Dow, S&P, Nasdaq futures slide slightly as Nvidia earnings loom
US stock futures edged lower Wednesday morning following another tech-led selloff, as investors awaited a closely watched earnings report from Nvidia (NVDA), which could influence the next phase of the AI-driven market rally.
Dow Jones Industrial Average futures (YM=F) were down about 0.1%, while S&P 500 contracts (ES=F) fell 0.2% and Nasdaq 100 futures (NQ=F) slipped roughly 0.3%, News.Az reports, citing foreign media.
The muted futures activity comes after a streak of declines on Wall Street: the Dow and S&P 500 posted their fourth consecutive down day, and the Nasdaq Composite fell for the fifth time in six sessions. Bitcoin (BTC-USD) briefly dipped below $90,000 before rebounding, reflecting waning investor appetite for cryptocurrency.
Traders are now bracing for Nvidia’s third-quarter earnings, due after Wednesday’s close. Analysts are predicting a move of up to 7% in either direction, carrying a $320 billion swing based on current market value. But recent profit-taking across mega-cap tech suggests investors are questioning whether valuations have stretched too far.
On the consumer front, traders will also parse earnings from Target (TGT), Lowe’s (LOW), and TJX Companies (TJX) before Wednesday’s opening bell. With fresh economic data still sparse after the federal government shutdown, results from the big-box retailers may offer the clearest read on the state of US consumer spending heading into the holiday season.
The first major post-shutdown release also looms on Thursday with the delayed unveiling of the September jobs report. The report will help shape expectations for the Federal Reserve's next policy moves, with traders split on whether the central bank will cut rates next month.
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