S&P500 and Nasdaq 100: Nvidia’s 7% Implied Move Raises Stakes for US Stocks Today

Futures Steady as Traders Brace for Nvidia’s Earnings Test

U.S. equity futures edged higher early Wednesday as traders positioned for Nvidia’s highly anticipated quarterly results, which many view as a critical sentiment check for the broader AI-linked rally.

Dow futures added modest gains, while S&P 500 and Nasdaq 100 futures recovered part of this week’s pullback. Nvidia rose in premarket trading after several sessions of pressure across the tech complex, helping stabilize broader sentiment after the S&P 500 and Dow logged a four-day losing streak.

Technically, all three major futures contracts are on the weakside of their respective 50-day moving averages, but testing important 50% to 61.8% retracement zones. On Tuesday, the E-mini S&P 500 Index posted a low at 6594.00, inside the 6625.50 to 6548.00 retracement zone.

Most sectors finished Tuesday in positive territory, but persistent weakness in large-cap tech continued to cap index performance. Bitcoin briefly slipped below $90,000 before rebounding, while gold bounced from a one-week low. Traders are watching whether Nvidia’s report can reverse the reset underway across AI-heavy names.

Is Nvidia’s Earnings Event the Turning Point for AI Stocks?

Nvidia’s results are widely seen as a make-or-break moment for the AI trade after weeks of valuation pressure. Options pricing from ORATS signals an implied post-earnings move of about 7% in either direction, which would mark the company’s largest one-day market-value swing on record, according to Reuters.

Analysts expect Nvidia to post another strong quarter driven by AI-infrastructure demand, but the bar is high as investors question the sustainability of recent spending patterns. Shares of Alphabet, Palantir and Broadcom also traded firmer premarket, helping stabilize sentiment after heavy selling in recent sessions.

How Broad Is the Tech Reset Becoming?

Amazon and Nvidia both entered correction territory, joining Tesla and extending the unwind across the Magnificent Seven. Meta dropped into a bear market earlier in November, while Broadcom and AMD also slipped into corrections.

Oracle has fallen 33% from recent highs, erasing the surge driven by its last earnings report. The pullback reflects rising scrutiny over AI-related capital commitments and cautious positioning into year-end.

Apple and Alphabet have held up better, supported by steadier spending patterns and resilient product momentum.

What Are Retail and Consumer Stocks Signaling?

Target fell more than 1% as the retailer cut full-year profit guidance, citing consumer trade-downs and deal-seeking behavior.

Lowe’s rallied more than 4% after reporting a clean earnings beat, contrasting

Home Depot’s cautious outlook earlier in the week. La-Z-Boy gained sharply on strong results, while ON Semiconductor advanced after authorizing a $6 billion buyback program beginning in 2026.

What Should Traders Watch Next?

Fed minutes and scheduled remarks from several central-bank officials could influence rate expectations after recent doubts about a December cut.

The delayed September jobs report arrives Thursday and may reaffirm a cooling labor market.

For now, the near-term outlook leans constructive if Nvidia delivers a solid print and stabilizes tech sentiment, but traders remain sensitive to any disappointment from the market’s largest earnings driver.

More Information in our Economic Calendar.