S&P 500: Nvidia, MongoDB, and Okta Lift Tech Sentiment in Pre-Market Trading

Futures Hold Steady as Nvidia Earnings Loom Large

U.S. stock futures held near the flatline early Wednesday, with traders bracing for Nvidia’s earnings report after the close—a release that could sway sentiment for the broader market. Futures on the Dow, S&P 500, and Nasdaq-100 edged higher, reflecting muted premarket moves ahead of what could be a pivotal session for the tech-heavy rally.

Investors remain cautious after a quiet Tuesday session, where equities were largely unchanged, even after President Trump’s surprise decision to remove Federal Reserve Governor Lisa Cook. Attention now turns squarely to Nvidia, whose market dominance and role in the AI boom make this report a key barometer for the “Magnificent Seven” rebound.

Can Nvidia Deliver Another Earnings Beat to Power the Rally?

Wall Street holds high expectations for Nvidia, which has exceeded EPS forecasts in 11 of the past 12 quarters. But the stock’s post-earnings reaction has been mixed—falling four times in those periods despite strong numbers. Fundstrat’s Tom Lee described the company as “one of the most important in the world,” with its performance now central to AI sentiment.

Positive results from MongoDB and Okta, both citing AI demand as a tailwind, helped support premarket enthusiasm. MongoDB surged 30% after reporting $1 per share in adjusted earnings on $591 million in revenue, beating consensus by wide margins. Okta rose 5% following its stronger-than-expected earnings and outlook.

Kohl’s Pops on Earnings Surprise, But Challenges Remain

Kohl’s shares jumped over 15% premarket after the retailer crushed earnings estimates, posting adjusted EPS of 56 cents versus 29 cents expected. Revenue came in at $3.35 billion, slightly ahead of forecasts. Despite falling same-store sales and ongoing executive turnover, Interim CEO Michael Bender pointed to progress in inventory management and customer traction.

Still, investors remain cautious given Kohl’s three-year revenue decline and leadership instability. The retailer recently adjusted vendor payment terms, raising concerns about liquidity, though it maintains this is part of efficiency efforts.

What’s Moving the Broader Tech Sector Beyond Nvidia?

Earnings beats across smaller tech names added to optimism. nCino rose 8% after topping estimates with adjusted EPS of 22 cents on $149 million in revenue. Box added 4% after reporting 33 cents in EPS and lifting full-year guidance, bolstered by AI-related momentum.

Meanwhile, UnitedHealth traded lower in extended hours after reports of a new DOJ probe into its prescription services. The development adds to regulatory pressure, already mounting from a previous Medicare billing investigation.

Market Outlook: All Eyes on Nvidia and Fed Clarity

The S&P 500 and Nasdaq are both up 2% for the month, while the Dow has gained 2.9%, as traders price in optimism around rate cuts. But with Nvidia earnings and fallout from Trump’s Fed intervention hanging in the balance, volatility could spike. For now, futures suggest a wait-and-see stance as traders position around Nvidia’s results and eye any potential response from the central bank.

More Information in our Economic Calendar.