Nasdaq, S&P 500, Dow Futures Climb As Nvidia Outlook Boosts Markets: WEN, CRWD, CRM Stocks Also In Focus

• Nvidia forecast 70% revenue growth for fiscal 2028, boosting investor sentiment for the AI space. 
• Meanwhile, Salesforce also posted its Q2 results, surging more than 13% overnight after beating expectations.
• On the economic front, July’s PCE inflation rose 3.7% year-on-year, while core PCE increased 3.3% YoY. 

U.S. stock futures edged higher overnight late Wednesday as investors cheered Nvidia Corp.’s (NVDA) stellar quarterly earnings results and outlook.

Nasdaq-100 futures rose 0.87%, while Dow futures and S&P 500 gained 0.35% and 0.48%, respectively, at 10:38 PM EDT.  

On Wednesday, all three benchmark indexes closed relatively flat or lower. The Dow Jones Industrial Average fell 0.21% at close, while the S&P 500 and the Nasdaq Composite declined 0.02% and 0.08%, respectively.

Key US Market Drivers

Multiple earnings releases drove market reactions on Wednesday, with Nvidia’s results topping the charts. The AI darling posted strong second-quarter (Q2) results, reporting revenue of $96.2 billion, more than double the prior-year period. Earnings per share came in at $2.22 per share. Both prints beat Wall Street expectations. 

Meanwhile, the company forecast 70% revenue growth for fiscal 2028, boosting investor sentiment for the AI space as a whole. For the third quarter, the company said it expected revenue to be about $108 billion, plus or minus 2%, while gross margin is anticipated to be 74%, plus or minus 50 basis points. 

The Kobeissi Letter called the results “absolutely insane” in a post on X, noting that “We now have a $5+ trillion company seeing +106% year-over-year revenue growth. There has never been anything like what we are seeing right now with AI. This is arguably the biggest technological revolution of all time.”

Ross Gerber, Co-Founder and CEO at Gerber Kawasaki, also praised Nvidia’s results in a post on X and noted its broader implications on the AI space. “Just in case you're studying business history... Nvidia is redefining it. I've never seen a company make $60 bil net in a qtr. up over 100%. Firing on all cylinders, delivering. Such good management. My god Nvidia is under valued. Looking like closer to $10 in EPS for this year. Historic multiple of 45.... so ya $450 is possible... why the market doesn't buy the AI trade is a huge opportunity!” he said. 

Meanwhile, Salesforce Inc. (CRM) also posted its Q2 results, surging more than 13% overnight after beating expectations. Okta Inc. (OKTA) rallied nearly 21% after beating analyst consensus estimates and citing booming demand from agentic AI.

On Thursday, markets will watch results from Marvell Technologies Inc. (MRVL), Iren Ltd. (IREN), Workday Inc. (WDAY), Best Buy Co. (BBY), and Affirm Holdings (AFRM). 

On the economic front, July’s Personal Consumption Expenditures (PCE) inflation rose 3.7% year-on-year, while core PCE increased 3.3% YoY. Consumer spending climbed 0.2%, driven by higher services spending.

“None of this changed market expectations for a September Fed rate hike, which, at around 40%, still feels too high to me. Elsewhere in this morning's data, flat consumer spending reinforces the recent stretch of softer-than-expected economic activity indicators,” said Mohamed El-Erian, Chief Economic Advisor at Allianz, in a post on X.

Later this week, investors will also be watching for Federal Reserve Chairman Kevin Warsh’s speech on Friday at the Fed’s annual symposium in Jackson Hole, Wyoming, seeking details on plans to stabilize long-term Treasury yields, as well as cues on its policy path. 

Trending Stocks To Watch 

Nvidia Corp. (NVDA): The chipmaker’s shares climbed more than 5% higher in the overnight session late Wednesday after it posted outstanding quarterly results. 

Wendy's Co. (WEN): Shares of the fast-food chain fell more than 12% in extended trading hours after a report said that Nelson Peltz’s Trian Fund Management, a long-time shareholder in the company, did not have plans to make a take-private bid for the company. 

CrowdStrike Holdings Inc. (CRWD): The company’s stock surged more than 9% overnight after the cybersecurity firm posted “the best quarter” in the company’s history and raised its full-year growth forecast.

Salesforce Inc. (CRM): Shares of the company soared 13% overnight after its Q2 earnings and full-year guidance topped expectations, with adjusted earnings per share more than doubling year-over-year to $5.90 and revenue rising 11% to $11.35 billion.

Other Market Trends 

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) were all trading in the green. 

The U.S. 30-year Treasury yield was trading at 5.175% at the time of writing, while the U.S. 10-year Treasury yield fell to 4.654%. 

The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.05% amid ‘bullish’ sentiment.

Meanwhile, oil prices declined on Tuesday. Brent crude futures expiring in October were down about 0.60%, trading at $87.31 a barrel at the time of writing. Meanwhile, WTI crude futures expiring in October were trading at $81.67 per barrel.

Asian markets were trading mixed at the open on Thursday. South Korea's KOSPI and China’s SSE Composite were gaining at the time of writing, while Japan’s Nikkei 225 and Australian stocks were trading lower. 

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