U.S. stock index futures showed mixed signals early Wednesday as investors awaited a trio of market-moving developments: Nvidia’s fiscal second-quarter earnings, the latest personal consumption expenditures price data and a sharp retreat in oil prices.
Dow Jones Industrial Average futures rose 42 points, or 0.1%, while S&P 500 futures were little changed. Nasdaq 100 futures slipped 25 points, or 0.1%, as tech benchmarks lagged ahead of Nvidia’s report after the bell. Brent crude futures fell below $90 a barrel, extending declines that have pushed the global benchmark more than 5% lower this week.
Nvidia’s quarterly results are expected to reflect continued momentum in data center sales, with LSEG data cited by Reuters projecting revenue of $92.18 billion for the period—more than double the year-ago figure and the fastest growth rate in seven quarters. The company’s Blackwell chips remain a key revenue driver, though analysts note growing focus on the transition to next-generation Vera Rubin processors. The report follows a strong fiscal first quarter in which Nvidia posted record revenue of $60.9 billion, driven by surging demand for AI infrastructure.
The Commerce Department is scheduled to release the July PCE price index before the U.S. market open. Economists expect the core measure—excluding food and energy—to rise 0.2% month-over-month, slightly faster than June’s 0.1% increase. On an annual basis, core PCE is projected to hold steady at 3.3%, matching the prior month’s pace. The data will be closely watched for signs of persistent inflationary pressures, with Federal Reserve officials emphasizing the need for sustained disinflation before considering further policy easing.
Boston Fed President Susan Collins warned in an essay that without clearer evidence of cooling inflation, tighter monetary policy may soon be warranted. Deutsche Bank analysts noted that Collins had previously been viewed as less inclined to support a 2026 rate hike, suggesting her remarks could revive speculation of a September move by centrist Federal Open Market Committee members.
Oil markets remained under pressure as geopolitical risks and trade disruptions weighed on sentiment. Brent crude futures, the global benchmark, fell below $90 a barrel, while U.S. West Texas Intermediate also declined. The conflict in the Strait of Hormuz, now in its seventh month, has disrupted shipping lanes that previously carried roughly one-fifth of the world’s oil and liquefied natural gas. Preliminary data from Kpler showed just five commodity ships transiting the strait on Tuesday, below the 10-day moving average of 15.
Iran and Oman agreed on a temporary route through the strait following talks in Tehran, though an Iranian official stated full reopening would depend on U.S. compliance with a June ceasefire framework. Reports from Russia’s RIA Novosti suggested a new ceasefire agreement between the U.S. and Iran could be announced in the coming days, though details remain unverified.
Trade tensions between the U.S. and Canada added another layer of uncertainty. Ottawa announced plans to impose up to 50% tariffs on roughly 700 U.S. products, covering about $20 billion in annual imports, effective September 8. The move follows Washington’s imposition of a 50% duty on a wide range of Canadian exports, which took effect over the weekend after negotiations collapsed.
