U.S. stock index futures edged lower on Wednesday as investors assessed the latest inflation data and awaited Nvidia's quarterly results, which are expected to show strong revenue growth.
At 09:31 ET, S&P 500 futures were down 0.1% at 7,673.81, while NASDAQ Composite futures slipped 0.1% to 26,118.96. Dow Jones Industrial Average futures fell 0.2% to 53,493.00. The declines followed modest gains in the previous session, when the Dow and S&P 500 each rose 0.3%, and the Nasdaq advanced 0.7%. Nvidia led advancers with a 2.2% gain, while AMD added 4.9%.
The Bureau of Economic Analysis reported that the core Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose 0.2% month-over-month in July, matching expectations and accelerating from June’s pace. On a year-over-year basis, core PCE held steady at 3.3%. The headline PCE index also increased 0.2% month-over-month, slightly above forecasts, while the year-over-year rate remained unchanged at 3.7%.
Nvidia is expected to post revenue of $92.18 billion for the quarter, according to LSEG data cited by Reuters, nearly double the figure from a year ago and marking its fastest growth rate in seven quarters. Analysts are focused on the company’s transition from its current Blackwell chips to next-generation Vera Rubin processors.
In corporate earnings, Intuit shares tumbled more than 12% in premarket trading after the company issued an annual revenue forecast below expectations. The guidance weighed on sentiment despite the broader market’s recent gains.
Commodities were mixed. Brent crude futures fell below $90 per barrel as diplomatic efforts raised hopes for easing tensions in the Strait of Hormuz. Reports suggested a potential U.S.-Iran ceasefire agreement could be announced in the coming days, though details remain unverified. Iran and Oman also agreed on a temporary shipping route through the strait, though officials noted a full reopening would require compliance with a June framework deal.
Investors will closely monitor the PCE data and Nvidia’s results for further signals on inflation trends and the technology sector’s momentum.
