Futures Static Ahead of Nvidia Earnings Report

Stock futures were flat Wednesday as investors turn their eyes to Nvidia earnings, which could be a make-or-break moment for the bull market. Futures for the Dow Jones Industrials picked up only 13 points to 45,502. Futures for the S&P 500 forged ahead three points to 6,485.50 Futures for the NASDAQ edged up 14.5 points, or 0.1%, to 23,606. In premarket trading, MongoDB popped 30% after the developer data platform topped Wall Street’s expectations. Okta jumped 5% after its quarterly results and full-year forecast beat consensus estimates. Both companies cited the demand coming from companies developing artificial intelligence platforms for the strong results. That bodes well for Nvidia, which releases its financial results after the closing bell on Wednesday. Wall Street has high hopes for Nvidia, which has the biggest weight in the S&P 500 and is considered a bellwether in the broader market and a major indicator of AI development. Its earnings could either dampen or propel this year’s rally, particularly as the “Magnificent Seven” looks to recover from last week’s selloff. The chipmaker has beaten earnings expectations in 11 of past 12 quarterly reports, but the stock has had a downbeat post-earnings reaction four of those times This week marks the last of August trading, which is historically a rough month for stocks. The three major U.S. indexes, however, are tracking for gains this month with optimism pouring into the market in anticipation of a potential rate cut ahead. The S&P 500 is up 2% this month, while the 30-stock Dow has climbed 2.9%. The NASDAQ has gained 2%. In Japan, the Nikkei 225 added 0.3% Wednesday, while in Hong Kong, the Hang Seng dropped 1.3%. Oil prices dropped 12 cents to $63.12 U.S. a barrel. Gold prices deleted $6.90 at $3,426.10 U.S. per ounce.