Wall Street is holding its breath. Stock futures traded relatively flat Wednesday morning as investors positioned themselves ahead of two major market catalysts: the Personal Consumption Expenditures report and Nvidia’s quarterly earnings announcement.
S&P 500 futures showed little movement while Nasdaq futures dipped 0.2% as of 8:00 a.m. Eastern Time. The PCE report, the Federal Reserve’s preferred inflation gauge, is expected to show headline inflation rising 3.6% year over year with core PCE climbing 3.3%. These numbers matter more than usual given recent concerns about sticky inflation.
But let’s be honest: Nvidia is the real headliner today. The chip giant reports after the closing bell, and investors aren’t just watching for revenue figures. They’re looking for clues about the entire artificial intelligence ecosystem’s health and whether the AI spending boom can sustain itself.
The premarket session told its own story. Meta Platforms jumped 1.5% while Intuit plunged 11% after issuing disappointing guidance. Photronics surged 17% on strong earnings, and Zoom fell 6% after weak projections. What will Nvidia’s numbers reveal about the broader tech landscape? That question has billions of dollars riding on the answer.
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