U.S. stock futures were muted early Wednesday as traders await the fiscal second-quarter results of semiconductor giant Nvidia (NVDA), which has the largest weight in the S&P 500 (SPX) and is considered a major indicator of artificial intelligence (AI) demand. Futures on the Nasdaq 100 (NDX) and the S&P 500 were down 0.03% and 0.02%, respectively, while futures on the Dow Jones Industrial Average (DJIA) were unchanged at 4:30 a.m. EST on August 27.
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On Tuesday, all three major indices closed higher as traders looked beyond the chaos triggered by President Trump’s abrupt removal of Federal Reserve Governor Lisa Cook. The Dow rose 0.30%, while the S&P 500 and the Nasdaq Composite gained 0.41% and 0.44%, respectively.
In yesterday’s extended trading session, MongoDB (MDB) stock rallied 30% after the software company’s Q2 results crushed the Street’s estimates. Likewise, identity solutions provider Okta (OKTA) saw its stock rise 6% after reporting a beat-and-raise quarter.
Looking ahead, traders are awaiting certain key economic reports today, including MBA Mortgage Applications, which is a key indicator of the housing market’s health and borrower demand.
Coming to key earnings, aside from the much-anticipated Nvidia results, investors will look at reports from Kohl’s (KSS), CrowdStrike (CRWD), HP Inc. (HPQ), Snowflake (SNOW), Five Below (FIVE), and NetApp (NTAP).
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.265%. WTI crude oil futures were trending lower, hovering near $63.23 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,383 per ounce.
Elsewhere, European stocks opened higher ahead of Nvidia’s Q2 earnings report, which is considered a bellwether for the global technology market, particularly amid the AI boom.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed today as traders assessed the latest economic data from China. Notably, China’s industrial profits fell 1.5% year-over-year in July, but marked a meaningful recovery following months of steeper declines. Also, the U.S.-China trade war continues to weigh on investor sentiment.
In China, the Shanghai Composite fell 1.76%, while the Shenzhen Component declined 1.43%. Hong Kong’s Hang Seng index closed lower by 1.32%. Meanwhile, Japan’s Nikkei increased 0.30%, but the Topix fell 0.07%.
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