S&P 500 futures were marginally lower Tuesday night as investors waited in anticipation for chipmaker Nvidia’s quarterly earnings announcement Wednesday after the bell.
Futures tied to the broad market index slipped 0.02%, while Nasdaq 100 futures dropped 0.14%. Dow Jones Industrial Average futures was trading close to the flatline
In after-hours action, Nordstrom advanced 7% after the retailer posted adjusted earnings in the second quarter that surpassed expectations. Semiconductor developer Ambarella jumped nearly 20% on upbeat revenue guidance in the third quarter. PVH, owner of Calvin Klein, slumped more than 7% on a disappointing outlook for the current quarter.
During Tuesday’s trading session, the broad market index and tech-heavy Nasdaq Composite both added nearly 0.2%. Nvidia posted a roughly 1.5% gain that helped buoy both indexes. The 30-stock Dow, meanwhile, added just 0.02% — just enough to post a second straight record close.
Wall Street is keeping an eye on Nvidia, the leader of the artificial intelligence trade, to gauge the broader sustainability of the broader tech and AI trade. The semiconductor giant has surged 159% in 2024, raising questions of how much more room there is for the stock to run.
Source: CNBC
