Stock futures are little changed ahead of Nvidia earnings: Live updates

Stock futures were flat on Wednesday as investors turn their eyes to Nvidia earnings, which could be a make-or-break moment for the bull market.

Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq-100 traded below the flatline.

Equity futures came under a bit of pressure Wednesday as long-term Treasury yields continued to rise amid concerns around President Donald Trump’s attempts to influence the Federal Reserve toward lower interest rates.

The market has been largely looking past Trump’s unprecedented move to fire Fed Governor Lisa Cook from the central bank’s board, with U.S. stocks coming off of a lackluster trading session Tuesday by ending little changed.

In premarket trading Wednesday, MongoDB popped 29% after the developer data platform topped Wall Street’s expectations. Okta jumped 4% after its quarterly results and full-year forecast beat consensus estimates.

Both companies cited the demand coming from companies developing artificial intelligence platforms for the strong results. That bodes well for Nvidia, which releases its financial results after the closing bell on Wednesday.

Wall Street has high hopes for Nvidia, which has the biggest weight in the S&P 500 and is considered a bellwether in the broader market and a major indicator of AI development. Its earnings could either dampen or propel this year’s rally, particularly as the “Magnificent Seven” looks to recover from last week’s sell-off.

The chipmaker has beaten earnings expectations in 11 of past 12 quarterly reports, but the stock has had a downbeat post-earnings reaction four of those times, according to FactSet.

“I know investors are really anxious and Nvidia has not performed well the last few times it’s reported, but the story arc there remains that it’s one of the most important companies in the world in the middle of the biggest structural change in the world economy,” Tom Lee, head of research and chief investment officer of Fundstrat Capital, told CNBC on Tuesday. “It really wouldn’t change our thesis if the stock reacted poorly.”

“I think everyone’s trying to get situational awareness,” he also said. “Like, is this inning one or two, or late innings?”

This week marks the last of August trading, which is historically a rough month for stocks. The three major U.S. indexes, however, are tracking for gains this month with optimism pouring into the market in anticipation of a potential rate cut ahead. The S&P 500 is up 2% this month, while the 30-stock Dow has climbed 2.9%. The Nasdaq has gained 2%.