Dow Jones Today: Stock Futures Little Changed as S&P 500 Looks to Add to Record High; Nvidia Shares Slip After Earnings
Stock futures are little changed Thursday morning as investors digest the latest results from AI chips giant Nvidia and a slew of other earnings reports.
Futures tied to the Dow Jones Industrial Average were up 0.1% recently, while those linked to the benchmark S&P 500 and the tech-heavy Nasdaq Composite hovered near unchanged. The S&P 500 closed at a record high on Wednesday as stocks inched higher ahead of the highly anticipated earnings report from Nvidia (NVDA). The Dow and the Nasdaq each come into the day just shy of record highs of their own.
Market participants will be keeping an eye this morning on economic data, with weekly jobless claims numbers, the latest revision to second-quarter GDP and pending home sales numbers slated to be released. The economic reports are being watched closely amid market expectations that the Federal Reserve will start cutting interest rates next month. Fed Chair Jerome Powell signaled for the first time last week that economic conditions could warrant a cut in rates.
Nvidia shares were down 1% in premarket trading even as the company reported revenue and profit that topped analysts’ estimates, and issued an outlook that was roughly in line with expectations. Investors set an extraordinarily high bar for earnings from the world’s most valuable company, and anything short of blockbuster results can weigh on the stock.
Other mega-cap tech stocks were mixed this morning, though the moves were small. Microsoft (MSFT), Apple (AAPL) and Broadcom (AVGO) each rose 0.5% or less, while Alphabet (GOOG), Amazon (AMZN), Meta Platforms (META) and Tesla (TSLA) ticked lower.
Several stocks were on the move following earnings reports. Shares of Snowflake (SNOW) surged 13% after the cloud software provider reported strong quarterly results. while CrowdStrike (CRWD) shares dropped 3% after a disappointing report from the cybersecurity services company. Retailers Dollar General (DG) and Five Below (FIVE) were up 6% and 4%, respectively, after reporting earnings, while Best Buy (BBY) slid 4%.
Bitcoin was at $112,900 recently, up from an overnight low of $110,900. The digital currency has come under pressure—it hit a seven-week low of $108,700 Tuesday morning—since surging to an all-time high above $124,000 just two weeks ago.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was down 0.3% at 97.90. The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, was at 4.23%, down from 4.24% at yesterday’s close.
West Texas Intermediate futures, the U.S. crude oil benchmark, was down fractionally at $64.10 per barrel this morning, while gold futures rose 0.4% to $3,460 an ounce.