U.S. stock futures advanced on Thursday as Nvidia’s upbeat outlook and Salesforce’s improved guidance offset concerns over a hotter-than-expected inflation reading. Dow futures rose 0.2%, S&P 500 futures gained 0.3%, and Nasdaq 100 futures climbed 0.7%.
Nvidia projected current-quarter sales of $108 billion, a figure that exceeded analyst expectations and underscored the chipmaker’s dominance in artificial intelligence hardware. The company’s fiscal 2028 revenue growth forecast of 70% sharply outpaced FactSet’s prior estimate of 45%. Gross profit margins are expected to decline to 74% in the third quarter and stabilize between 71% and 72% in the fourth quarter, according to Chief Financial Officer Colette Kress. Nvidia’s shares have been a key driver of major equity benchmarks this year, reflecting investor confidence in its AI-driven revenue trajectory.
Salesforce lifted its full-year sales and profit outlook after reporting second-quarter profit and revenue that surpassed estimates. The company’s shares surged more than 13% in after-hours trading following the announcement. Salesforce also announced an expanded partnership with AI startup Anthropic to develop Claudeforce, an integration of Anthropic’s AI plug-ins with Salesforce’s business tools. Select pilot customers have access to the platform now, with a broader beta release planned for next month.
Marvell Technology’s market capitalization approached $215 billion as its stock surged over 174% year-to-date, supported by strong demand for its custom chips. The company projects custom chip revenue will exceed $10 billion by 2029, a target outlined in May.
Oil markets extended weekly declines, with Brent crude and U.S. West Texas Intermediate futures each falling more than 6% for the week. The drop marked a fourth consecutive session of losses, driven by persistent geopolitical uncertainty. Reports indicated Iran and Oman had reached an agreement on commercial shipping routes through the Strait of Hormuz, though Tehran cautioned that this may not immediately lead to a reopening. The development followed Washington’s announcement of stricter economic sanctions on Tehran earlier in the week, while Russian state media suggested a potential new ceasefire deal between the U.S. and Iran.
Inflation data released on Thursday showed the headline personal consumption expenditures price index for July slightly exceeded expectations, while the core reading aligned with forecasts. The Federal Reserve maintains a 2% inflation target, keeping policy expectations in focus as markets assess the economic outlook.
