Dow Futures Edge Lower As Countdown To Nvidia Earnings Begins

U.S. stocks appear set for a weak opening on Wednesday as investors keep their eyes peeled for Nvidia Corp.’s (NVDA) earnings later in the day.

Nvidia is expected to report earnings per share (EPS) of $0.73 on revenue of $43.34 billion, according to Stocktwits data. For comparison, the AI bellwether reported an EPS of $0.61 and revenue of $26.04 billion during the year-ago period.

While Dow Jones futures were down 0.04% at the time of writing, the S&P 500 futures rose 0.06%, and the tech-heavy Nasdaq 100’s futures climbed 0.16%. Futures of the Russell 2000 index were down 0.13%.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) was up 0.07%, while Invesco QQQ Trust (QQQ) gained 0.16% on Wednesday morning.

Bitcoin (BTC) declined 0.84% in the past 24 hours.

Asian markets ended Wednesday’s trading session on a mixed note, with the Nikkei 225 index closing the day flat, while KOSPI rose 1.23%, followed by the TWSE Capitalization Weighted Stock index, which gained 0.10%.

The Hang Seng fell the most at 0.53%, followed by the Shanghai Composite, which edged 0.02% lower.

Macro-Packed Week

Minneapolis Fed President Neel Kashkari is scheduled to deliver a speech in Tokyo. Meanwhile, the Federal Reserve is set to release the minutes of the Federal Open Market Committee’s (FOMC) May meeting.

The rest of the week will see the release of Personal Consumption Expenditure (PCE) index, initial jobless claims, the first revision of the first-quarter Gross Domestic Product (GDP), consumer sentiment, and pending home sales data.

According to the analysts at Charles Schwab, investors should brace for volatility in the Nvidia stock as it gears up to post its first-quarter earnings later in the day.

On Stocktwits, retail investors expect Nvidia’s stock to witness a major breakout post earnings–42% of the 16,200 votes on a recent poll say the stock will surge 10% or more after Nvidia’s Q1 earnings.

"In my view, the keys for Nvidia remain the overall pulse on AI-chip demand and whether any competitive threats from custom chips are taking market share," said Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research.

Key to watch in Nvidia’s earnings would be the company’s gross margins and forward revenue guidance, the brokerage said.

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