US stock futures mostly fell after Nvidia (NVDA) stock tumbled, with the company's earnings beat overshadowed by weaker-than-expected data sales revenue.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.3%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.3%, while futures attached to the tech-heavy Nasdaq 100 (NQ=F) sunk about 0.5%.
Nvidia earnings beat on the top and the bottom lines, but its data sales revenue missed expectations, spooking investors and raising fresh questions about the sustainability of the AI boom. Meanwhile, the chip giant's total revenue hit a record but also showed its slowest pace of growth since the first quarter of its fiscal year 2024.
Following the results, Nvidia CEO Jensen Huang touted “extraordinary” demand for the company's Blackwell AI chips and said that he sees China as a $50 billion opportunity. Nvidia is currently navigating shifting US regulations on chip sales to China, recently nearing a deal with the Trump administration to pay the US government a 15% cut of sales to the country.
In other corporate earnings after the bell, cloud analytics firm Snowflake (SNOW) soared as its results indicated the company is benefitting from AI investments. HP Inc. (HPQ) stock took a wild ride before stabilizing as investors assessed the company's ability to withstand new tariffs. Finally, CrowdStrike (CRWD) shares fell with its results signaling cautious clients amid economic uncertainty.
The S&P 500 hit a fresh record on Wednesday ahead of Nvidia's earnings results. Beyond counting down to the chip giant's release, which is expected to shape investor sentiment toward Big Tech as the week ends, Wall Street also weighed President Trump's latest moves to reshape the Federal Reserve and trade policy.
Read more: The latest on Trump's tariffs
On Thursday, Wall Street will receive an update on GDP growth as well as a slate of earnings from Best Buy (BBY), Dollar General (DG), Dick's (DKS), Dell (DELL), Marvell (MRVL), Gap (GAP), and Affirm (AFRM).
Coming soon
Stock market coverage for Thursday, August 28, 2025.
