Stock futures were falling on Wednesday, with investors in wait-and-see mode ahead of a key quarterly earnings report from artificial intelligence chip maker Nvidia.
Futures tracking the Dow Jones Industrial Average slid 47 points, or 0.1%. Contracts tied to the S&P 500 were also down 0.1% and Nasdaq 100 futures were falling less than 0.1%.
Investors appeared reluctant to make any big moves ahead of Nvidia’s results, with the $4.4 trillion semiconductor company set to report after Wednesday’s close. Its earnings will give the market a better sense of how AI demand is holding up, after years of rapid growth.
“Now that the stock market has been all but assured of a September rate cut, the next hurdle for markets to climb is Nvidia’s earnings,” Clark Bellin, president and CIO of Bellwether Wealth, said. “Investors look to this company every quarter for reassurance that the AI story is still intact.”
Wall Street is also still trying to make sense of President Donald Trump’s push to remove Federal Reserve Governor Lisa Cook. Trump has told advisers that he wants to move quickly to announce a nominee to replace Lisa Cook on the Federal Reserve’s board of governors, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The U.S. dollar climbed 0.3% against a weighted basket of its peers on Wednesday as investors weighed up Trump’s bid to reshape the Fed. Gold slid 0.3% to $3,425 an ounce. Yields on the benchmark 10-year U.S. Treasury note were flat at 4.27%.