Traders work on the floor of the New York Stock Exchange at the opening bell on November 13, 2024, in New York City.
Angela Weiss | AFP | Getty Images
Stock futures are near flat Wednesday night as investors parsed the all-important earnings release from artificial intelligence darling Nvidia.
Dow Jones Industrial Average futures added 32 points, trading within striking distance of its flatline. S&P 500 futures and Nasdaq 100 futures were also both little changed.
Investors kept a close eye on after-the-bell earnings from Nvidia, the chipmaker that has dazzled Wall Street for more than a year as a key AI beneficiary. While the company beat expectations for the third quarter and issued strong guidance, shares shed more than 1%.
Nvidia, which is a member of all three of the major averages after its addition to the Dow earlier this month, slipped about 0.8% in Wednesday’s session ahead of the report.
The after-hours move “tells you how much the expectations game on Nvidia has been ramped up,” Aswath Damodaran, finance professor at New York University’s Stern School of Business, said on CNBC’s “Closing Bell: Overtime.” “They don’t just have to beat analyst estimates; they got to beat them by 10%.”
On the other hand, Snowflake jumped more than 18% after the data analytics software company beat expectations for the third quarter.
That action follows a mixed day on Wall Street, with the S&P 500 ending near flat. The Dow jumped nearly 140 points, while the Nasdaq Composite ticked down 0.1%.
Traders will watch Thursday for economic data on jobless claims and existing home sales. Cleveland Federal Reserve President Beth Hammack, Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid are also expected to give remarks throughout the day.
On the corporate earnings front, investors will parse reports from Gap and Intuit expected after the market closes.
