Dow Futures Drop Nearly 60 Points As Nvidia Earnings Loom: Nikkei Opens Higher, Dollar Inches Up
U.S. stock futures are down slightly as investors await Nvidia's earnings report amid Fed Chair Powell's dovish comments suggesting a potential rate cut. Nasdaq Futures fell 0.13%, S&P 500 Futures down 0.13%, and Dow Jones Futures decreased by 0.11%. In contrast, Japan's Nikkei 225 rose 0.69%. The U.S. Dollar Index increased by 0.25%. Upcoming reports on New Home Sales and earnings from PDD Holdings and Heico Corp. are also anticipated.
U.S. stock futures are down marginally on Sunday evening following Fed Chair Jerome Powell’s dovish comments on Friday, during the Federal Reserve’s annual Jackson Hole symposium, where he hinted at a potential rate cut in September.
Investors are also anticipating Nvidia Corp.’s NVDA second-quarter earnings on Wednesday, closely watching for more cues on the direction and momentum of the fast-growing AI space.
The company’s shares slipped on Friday, following reports that it had halted work on its H20 artificial intelligence chip for China, after Deepseek announced a new model that was optimized for local processors.
All three major indices are currently in the red, with Nasdaq Futures down 0.13%, or 31 points, trading at 23,539.50, while the S&P 500 Futures are down 0.13% and 8.50 points, at 6,474.50, followed by the Dow Jones Futures at 45,664.00, down 0.11% or 51 points.
Japan’s benchmark Nikkei 225 is up 0.69% or 293.94 points, trading at 42,927.23 at the time of writing, with online retailers, luxury goods, and mining companies leading the charge.
Meanwhile, the U.S. Dollar Index (DXY) rose 0.25% on Monday, trading at 97.951, after weakening on Friday, following Powell’s speech.
Traders and investors on Monday will be closely watching the New Home Sales report, alongside the speeches of Dallas Fed President Lorie Logan and New York Fed President John Williams. Apart from this, the earnings reports of PDD Holdings Inc. PDD and Heico Corp. HEI could set the tone for this week.
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