Stock Market Today: S&P 500, Nasdaq Futures Recover Ahead of Nvidia Earnings

US futures rebound as investors focus on Nvidia, Fed signals and economic data

New York: US stock futures moved higher on Tuesday as investors prepared for Nvidia’s closely watched earnings report and the upcoming Federal Reserve Jackson Hole Symposium. The market is also reacting to fresh geopolitical developments, economic data and movements across alternative assets.

While US futures pointed higher, stocks across Asia broadly declined after US Treasury Secretary Scott Bessent announced new sanctions against Iran.  At the same time, Nvidia extended its recent decline, entering its seventh consecutive losing session ahead of its earnings announcement.

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Nvidia faces key earnings test

Shares of Nvidia have been under immense pressure ahead of the earnings announcement on Wednesday. Nvidia has now seen seven consecutive days of losses, which represents its longest streak of losses since 2022. In its seven-day period of losses, Nvidia has fallen by about 7% on the stock market, while the S&P 500 has fallen by approximately 1.2%. The forthcoming earnings release will be of great interest to investors since Nvidia is still one of the most crucial firms during the boom in investments in artificial intelligence.

Bitcoin moves above $80,000

Although stocks continued to be volatile, Bitcoin rose to trade over $80,000 after being below that price level for more than three months. This was triggered by the responses to new events in the Treasury market and the perceived worth of the American dollar. Other alternative investments have gained popularity among investors amid the uncertainties surrounding inflation, interest rates, and the overall economy. Gold also gained in the last few sessions, although it reversed some gains on Tuesday.

Economic data in focus

Investors are readying themselves for another batch of economic releases that will give new insights into the current state of the American economy. The release of the housing starts, weekly jobs change and industrial production numbers is expected tomorrow. The above data will be followed by the release of the PCE inflation data on Wednesday. The data will be keenly watched in the wake of the Jackson Hole conference, which will be held later in the week and where the Fed is expected to send critical signals regarding interest rates.

Jackson Hole meeting draws attention

TThe annual Jackson Hole Symposium organized by the Fed continues to be one of the most important events for global financial markets. Market participants will pay attention to any signals about inflation, economic growth, and monetary policy prospects. Any change in the interest rate expectations can have a serious effect on equities, bonds, the dollar, and other asset classes.

Corporate earnings also in focus

Several firms are set to release their earnings figures for the week on Tuesday, thus offering more information about how the various segments of the American economy are performing. Intuit and Zoom Communications will release key details about the state of the software industry. However, DICK'S Sporting Goods stock fell drastically in pre-market trading after the company failed to meet second quarter projections and downgraded its year-end outlook. All this indicates that investors find themselves in a situation where technology firms are in focus while other consumer-facing companies are under pressure because of tough market conditions.

Markets look ahead to Nvidia and Fed announcements

With Nvidia's earnings report approaching and the Jackson Hole Symposium set to provide fresh clues on monetary policy, investors are closely watching the next few trading sessions. The combination of technology earnings, economic data, geopolitical developments and interest-rate expectations could determine the direction of US markets in the near term.