Dow futures higher; Nvidia earnings, PMI readings in spotlight
Investing.com — U.S. stock futures climbed higher Wednesday ahead of the release of key activity data as well as more quarterly earnings, including from new market darling, chipmaker Nvidia.
By 06:30 ET (10:30 GMT), the Dow Futures contract was up 115 points, or 0.3%, S&P 500 Futures traded 20 points, or 0.4%, higher and Nasdaq 100 Futures climbed 80 points, or 0.5%.
The blue-chip Dow Jones Industrial Average and the broad-based S&P 500 gave up some of their recent gains Tuesday, closing 0.5% and 0.3% lower respectively.
This followed weakness in a number of retail stocks, including Dick’s Sporting Goods (NYSE:DKS), which fell 24% in its worst daily performance ever after slashing its full-year earnings guidance, and Macy’s (NYSE:M), which dropped 14% as net sales fell 8% in the second quarter on an annual basis.
There are more retailers due to report before the bell Wednesday, including Kohl’s (NYSE:KSS), Peloton (NASDAQ:PTON), Foot Locker (NYSE:FL), Abercrombie & Fitch (NYSE:ANF) and Bath & Body Works (NYSE:BBWI).
The earnings highlight, however, is likely to come after the closing bell, as the world’s most valuable chip designer, Nvidia (NASDAQ:NVDA), releases its latest quarterly numbers.
The California-based company, which manufactures the graphics processors that power generative artificial intelligence, has been at the center of global euphoria around the development of the nascent technology.
Its shares have tripled this year, propelling the stock's market capitalization to above $1 trillion, and its outlook for the rest of the year could influence the near-term course of not only the AI boom, but broader market sentiment.
Investors will also be looking at economic data on new home sales, building permits and
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