S&P 500 Futures Tick Higher as Nvidia’s Earnings Boost Sentiment
S&P 500 futures edged higher early Thursday as traders weighed Nvidia’s strong earnings report against broader market concerns. The futures gain offered a modest reprieve after Wednesday’s session, where stocks pulled back on news that President Donald Trump plans new tariffs on Canada, Mexico, and the European Union, signaling potential trade headwinds.
Nvidia and Snowflake Drive Pre-Market Gains
Nvidia shares rose 0.92% pre-market after the chipmaker exceeded fourth-quarter expectations with adjusted earnings of $0.89 per share on $39.33 billion in revenue. The results beat LSEG’s estimates of $0.84 per share on $38.05 billion in revenue. Fiscal-year revenue surged 114% to $130.5 billion, highlighting strong demand and boosting market sentiment.
Snowflake also outperformed, with shares jumping 10.85% following a solid fourth-quarter report. The data cloud company posted adjusted earnings of $0.30 per share on $987 million in revenue, well above analyst expectations of $0.17 per share on $956 million. Nutanix shares climbed 14.61%, driven by adjusted earnings of $0.56 per share on $655 million in revenue, surpassing projections.
Not all stocks fared well. Salesforce dropped 4.67% on mixed earnings, while Paramount Global fell 3.21% after a disappointing quarter. Teladoc plunged 16.47%, eBay lost 7.91% on weak guidance, and Ibotta tumbled 35.96% on underwhelming results, reflecting the market’s selective appetite.
Key Economic Data Awaits Traders Thursday
Thursday’s economic lineup includes initial jobless claims for the week ending February 22, durable goods orders for January, and the second estimate of Q4 GDP. The initial GDP reading showed a 2.3% annual growth rate, slightly below forecasts. Any revisions could sway market sentiment, alongside pending home sales data also set for release.
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See all S&P 500 forecastsFederal Reserve officials, including Cleveland Fed President Beth Hammack and Philadelphia Fed President Patrick Harker, are scheduled to speak. Their comments could offer fresh insights into the Fed’s inflation strategy, particularly with markets on edge ahead of Friday’s crucial data.
PCE Inflation Data Could Be a Market Mover
The Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, is due Friday. With inflation pressures persisting—evidenced by January’s hotter-than-expected Consumer Price Index (CPI)—the PCE report could influence expectations for future Fed rate moves.
In addition to inflation data, updates on U.S. GDP, housing market trends, consumer confidence, and the trade balance will draw traders’ attention. Trump’s proposed 25% tariff on EU goods adds a geopolitical layer to market risks, potentially amplifying volatility.
Cautious Optimism Amid Market Risks
While Nvidia and Snowflake provide bright spots, broader risks remain. Recent soft consumer sentiment, weak retail sales, and mixed corporate earnings highlight economic fragility. The market’s mixed signals suggest that traders should approach gains selectively, with a focus on resilient tech stocks.
Market Forecast: Selective Bullishness in a Volatile Market
The short-term market outlook leans cautiously bullish, led by tech sector strength. However, with critical inflation data and trade policy uncertainties looming, volatility is likely. Traders may find selective opportunities in tech and growth sectors while keeping a close eye on inflation trends and geopolitical developments.
More Information in our Economic Calendar.
