U.S. markets await Nvidia earnings, Jackson Hole speech

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U.S. markets await Nvidia earnings

Highlights

Nasdaq Composite falls 0.17% while S&P 500 and Dow remain flat as markets await Nvidia earnings and signals from Jackson Hole.
Core personal consumption expenditures price index rises 0.2%, keeping inflation at 3.3% and focus on potential Federal Reserve commentary about rates.
Intuit drops 9.3% on weak guidance, Meta falls 0.64% after a $16.7 billion settlement, and Kohl’s declines 5.3% despite beating expectations.

Trading focus shifts to chips and Fed signals

As Cboe Global Markets reports, the Nasdaq Composite is down 0.17% while the S&P 500 Index and the Dow Jones Industrial Average are hovering near flat as traders look for direction from upcoming catalysts. The market is treating Nvidia’s results as a gauge of demand for artificial intelligence spending, given the company’s dominant position in chips.

The core personal consumption expenditures price index rises 0.2%, leaving inflation at 3.3%, still well above the Federal Reserve’s 2% target. That keeps attention on what Warsh may signal at Jackson Hole, even if investors do not expect an expansive assessment of the interest-rate path for next month.

Nvidia shares are slipping again in early trading after ending a seven-day pullback on Tuesday. The stock remains up nearly 13% since the start of the year, and investors are looking for management’s outlook on whether heavy AI investment continues to generate returns.

Marvell Technology is also in focus ahead of results due after the bell tomorrow, offering another read on chip demand. Investors are likely to look beyond second-quarter figures and toward the outlook, including developments in the company’s agreement with Google, which Marvell says includes a roughly $12.19 billion share investment tied to bespoke chip development for the communication platform.

Earnings reactions hit tech and retail shares

Corporate updates elsewhere are producing sharp stock moves, particularly where guidance disappoints despite solid headline results. That pattern is visible across software, communications and retail names.

Intuit shares are falling 9.3% in early trading after the financial technology company posts strong fiscal fourth-quarter results but gives guidance that misses Wall Street expectations. The company tells Barron’s it is slowing revenue expectations as it seeks market share in a competitive AI software market, including lower pricing for do-it-yourself TurboTax users, and the stock has lost about 43% of its value year-to-date.

Zoom shares are tumbling 6.4% after robust fiscal second-quarter earnings are accompanied by softer guidance. The company also offers no new detail on its 0.31% stake in Anthropic, though it reports a $1.6 billion gain in strategic investments that is likely tied to that holding, which it valued at $1.27 billion in April.

Meta shares swing from gains to losses after the Facebook, Instagram and WhatsApp parent settles a social media addiction case with several U.S. states for $16.7 billion. The stock is down 0.64% in early trading.

In retail, Kohl’s shares are dropping 5.3% after results top Wall Street expectations with help from tariff refunds that overshadow continuing sales weakness. The company remains in a multiyear transition aimed at rebuilding its brand and improving the in-store shopping experience.

Dick’s Sporting Goods is recovering only modestly, up 0.55% in early trading after a nearly 31% selloff on Tuesday following weaker-than-expected results and downbeat guidance. The retailer’s Foot Locker acquisition remains central to investor concerns, and pressure from that report also weighs on peers, with Walmart down nearly 1% and Target off 0.77% at the start of Wednesday trading.

Our earlier coverage highlighted how investors were positioning ahead of Nvidia’s quarterly results and upcoming U.S. inflation data, with stock futures steady after a broad-market rebound. We also noted the wider risk backdrop from escalating U.S.–Canada tariff plans and developments around Middle East shipping routes, alongside other catalysts such as Waymo’s expansion plans.

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