U.S. stock index futures slipped on Wednesday as investors positioned ahead of the July Personal Consumption Expenditures (PCE) inflation report and Nvidia's second-quarter earnings release.
Futures tied to the Dow Jones Industrial Average were largely flat, with the contract down 0.06% at 7:19 a.m. ET. The S&P 500 futures fell 7 points, or 0.1%, while Nasdaq 100 futures declined 66 points, or 0.2%. In the prior session, major U.S. indices advanced modestly, with the Dow and S&P 500 each up 0.3% and the Nasdaq gaining 0.7%. Nvidia rose 2.2%, while Advanced Micro Devices surged 4.9%.
The core PCE price index, the Federal Reserve's preferred inflation gauge, is projected to rise 0.2% month-over-month in July, up from 0.1% in June. On an annual basis, the core PCE is expected to hold steady at 3.3%, remaining well above the Fed's 2% target. Markets reduced expectations for a September interest rate hike, though Boston Fed President Susan Collins cautioned that sustained disinflation would be necessary before policy could ease.
Nvidia, the chipmaker at the center of the AI boom, is set to report quarterly results after the bell. Analysts expect revenue to nearly double year-over-year to $92.18 billion, driven by strong data center sales, marking the fastest growth pace in seven quarters. The company's upcoming Blackwell and Vera Rubin chips are also in focus.
Elsewhere, shares of Intuit plummeted over 12% in pre-market trading after the TurboTax maker forecast annual revenue below expectations, citing rising competition from AI-based tax services.
In commodities, Brent crude futures fell below $90 per barrel as diplomatic efforts to ease tensions in the Middle East and reopen the Strait of Hormuz gained traction.
