US pre-open: Futures little changed as traders eye Nvidia earnings

28th Aug 2024 11:05

(Sharecast News) - Wall Street futures were little changed ahead of the bell on Wednesday as market participants awaited earnings from AI-darling Nvidia.

As of 1245 BST, Dow Jones futures were 0.02% firmer, while S&P 500 and Nasdaq-100 futures had the indices opening 0.01% and 0.05% weaker, respectively.

The Dow closed just 9.98 points higher on Tuesday but still managed to eke out another record high.

Wednesday's primary focus will be the latest batch of quarterly earnings from Nvidia, with traders hoping to gauge the sustainability of the broader tech and AI sector. The semiconductor giant will report after the close.

On the macro front, mortgage applications increased 0.5% week-on-week in the seven days ended 23 August, according to the Mortgage Bankers Association of America, a marked turnaround when compared to the prior week's 10.1% drop. Applications to purchase a new home rose by 1%, while applications to refinance a mortgage slipped by 0.1%.

Elsewhere in the corporate space, retailer Nordstrom traded higher in pre-market after posting Q2 adjusted earnings that came in ahead of expectations, while Calvin Klein owner PVH slumped on the back of disappointing guidance for the current quarter.

Reporting by Iain Gilbert at Sharecast.com