U.S. Futures Steady as Focus Shifts From Nvidia to Fed

Key Moments

Futures Trade Sideways After Nvidia-Driven Surge

U.S. equity index futures moved within tight bands on Friday as the recent rally in technology stocks paused and market participants awaited fresh policy guidance from the Federal Reserve.

S&P 500 futures were flat at 7,728 points. Nasdaq 100 futures slipped 0.3% to 29,606.75 points, while futures linked to the Dow Jones Industrial Average edged higher by 0.1% to 53,682.0 points.

The muted moves followed a strong regular session on Thursday, when mega-cap technology names rallied, led by a sharp advance in Nvidia Corp. after its latest earnings and revenue outlook.

Despite the upbeat tone around leading technology stocks, broader market momentum was limited as institutional investors refrained from taking significant new positions ahead of key monetary policy signals from the U.S. central bank.

Nvidia Earnings Ignite AI and Tech Rebound

Thursday’s cash session featured a pronounced rebound across artificial intelligence-related stocks after Nvidia, based in Santa Clara, California, posted a notably robust quarterly report and issued a strong forward revenue projection.

Nvidia shares were down 1% after soaring 8.7% on Thursday, which had marked the company’s first positive post-earnings share price reaction in several quarters. The upbeat longer-term outlook from the chipmaker helped ease mounting worries that capital expenditures on AI infrastructure by large technology hyperscalers were starting to slow.

The strength in semiconductors lifted the major benchmarks, with the S&P 500 advancing 0.7%, the Nasdaq Composite climbing 1.6%, and the Dow Jones Industrial Average adding 0.2%.

Gains also spread to other technology segments, including enterprise software and cybersecurity. Salesforce Inc and CrowdStrike Holdings Inc were among the notable outperformers following Nvidia’s report.

Market Awaits Warsh’s First Jackson Hole Keynote

With Nvidia’s results now digested, attention in global markets turned to the Federal Reserve’s annual Economic Policy Symposium in Jackson Hole, Wyoming.

Chair Kevin Warsh was set to deliver his first keynote address as head of the Fed later on Friday. Market participants were looking for insight into the central bank’s stance on inflation and the future trajectory of interest rates, especially after recent figures signaled ongoing headline pricing pressures.

Data for July showed the core Personal Consumption Expenditures (PCE) price index in line with expectations, but headline PCE quickened to 3.7% year-on-year, underscoring concern that cost-push inflation pressures remain present.

Inflation, Yields, and Geopolitics Temper Risk Appetite

Persistently high U.S. Treasury yields have continued to pressure equity valuations, with longer-dated borrowing costs holding at elevated levels amid substantial government debt issuance.

Geopolitical developments added another element of caution. Crude oil prices rose on Thursday after reports indicated that U.S. President Donald Trump is not interested in returning to previous memorandum-of-understanding terms with Iran, renewing worries over potential disruptions to energy supplies.