Nasdaq Futures Rally on Blowout Nvidia Earnings, Fed’s Jackson Hole Summit in Focus

September Nasdaq 100 E-Mini futures (NQU26) are up +1.06% this morning as stellar results and guidance from Nvidia revived enthusiasm for the AI trade.

Nvidia (NVDA) surged over +7% in pre-market trading after the chipmaker posted upbeat Q2 results, issued strong Q3 revenue guidance, and gave an FY28 revenue growth forecast that smashed Wall Street’s estimates. Nvidia’s finance chief Colette Kress said the company expects revenue to grow 70% in fiscal 2028, well above analysts’ estimates for a 45% increase. The bullish outlook helped ease concerns over the sustainability of AI-related spending. Other chipmakers and AI infrastructure stocks jumped in pre-market trading.

Nasdaq 100 futures were also boosted by gains in cybersecurity and software stocks in pre-market trading after CrowdStrike and Salesforce posted strong results, fueled by AI demand. CrowdStrike (CRWD) jumped over +9% in pre-market trading after the cybersecurity firm reported stronger-than-expected Q2 results and raised its full-year guidance. Also, Salesforce (CRM) climbed more than +11% in pre-market trading after the enterprise software company posted better-than-expected Q2 results, boosted its annual guidance, and expanded its partnership with Anthropic.

The price of WTI crude was little changed on Thursday as traders weighed progress toward boosting energy flows through the Strait of Hormuz against escalating Russia-Ukraine tensions that are constraining output. Treasuries edged lower as investors looked ahead to the Kansas City Fed’s upcoming Jackson Hole symposium.

In yesterday’s trading session, Wall Street’s three main equity benchmarks closed slightly lower. Zoom Communications (ZM) slumped over -7% after the video-calling platform provided disappointing Q3 guidance. Also, GoDaddy (GDDY) fell more than -4% after Wells Fargo downgraded the stock to Underweight from Equal Weight with a price target of $76. In addition, Intuit (INTU) slid over -3% after the software company issued below-consensus FY27 guidance. On the bullish side, Abercrombie & Fitch (ANF) popped more than +35% after the clothing retailer raised its full-year EPS guidance.

Economic data released on Wednesday showed that the U.S. core PCE price index, a key inflation gauge monitored by the Fed, rose +0.2% m/m and +3.3% y/y in July, in line with expectations. Also, U.S. Q2 GDP growth was left unrevised at +1.5% (q/q annualized), in line with expectations. In addition, U.S. July personal spending rose +0.2% m/m, stronger than expectations of +0.1% m/m, and personal income grew +0.4% m/m, stronger than expectations of +0.2% m/m. Finally, U.S. durable goods orders climbed +1.1% m/m in July, stronger than expectations of +0.4% m/m, while core durable goods orders, which exclude transportation, rose +0.4% m/m, weaker than expectations of +0.6% m/m.

“The economy remains strong, and inflation isn’t dropping. Strong consumption, spending and durable goods orders suggest the committee has room to tighten without causing a recession,” said David Russell at TradeStation. “These numbers support hawkish policymakers at the Fed’s committee and increase pressure on Kevin Warsh later this week.”

Meanwhile, U.S. rate futures have priced in a 61.9% chance of no rate change and a 38.1% chance of a 25-basis-point rate hike at the next FOMC meeting in September.

Elsewhere, Politico reported on Thursday that the Trump administration is weighing a fresh round of broad tariffs on semiconductors.

The Kansas City Fed’s annual Economic Policy Symposium kicks off today in Jackson Hole, Wyoming. The event brings together central bankers, finance ministers, academics, and financial market participants from around the world to discuss key challenges facing the global economy. This year’s symposium, held under the official theme “Financial Innovation: Implications for Payments and Policy,” comes amid the most turbulent bond market since at least 2022, putting the spotlight on Kevin Warsh’s first Jackson Hole appearance as Fed chairman. Mr. Warsh is set to deliver keynote remarks on Friday, and investors will be looking for clues on how policymakers plan to bring inflation back toward the Fed’s long-term target.

On the economic data front, investors will focus on U.S. Initial Jobless Claims data, set to be released in a couple of hours. Economists expect this figure to come in at 208K, compared with last week’s number of 206K.

U.S. Wholesale Inventories data will also be released today. Economists forecast the preliminary July figure to rise +0.2% m/m, matching June’s pace.

On the earnings front, several prominent companies, including Marvell Technology (MRVL), Autodesk (ADSK), Workday (WDAY), Dollar General (DG), and Affirm Holdings (AFRM), are slated to release their quarterly results today. Marvell’s earnings will draw particular attention, with investors focused on the chip designer’s guidance as well as details of its recently announced deal with Alphabet-owned Google.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.67%, up +0.39%.

The Euro Stoxx 50 Index is down -0.22% this morning as strength in technology stocks failed to offset broader market weakness. Food and beverage, chemical, and healthcare stocks led the declines on Thursday. Limiting losses, technology stocks climbed, with chip-related shares lifted by Nvidia’s blowout forecast and software stocks supported by strong results from Salesforce. A survey released on Thursday showed that German consumer sentiment is set to improve heading into September, with views of the economy supported by resilient growth despite lingering inflation concerns stemming from geopolitical uncertainty. Separately, the European Central Bank said that lending to Eurozone businesses declined in July, signaling that higher borrowing costs might be weighing on the region’s economy. Meanwhile, European government bond yields edged higher on Thursday as elevated gas prices replaced oil as the main inflation concern for European bond traders. Investor focus now shifts to the accounts of the ECB’s July policy meeting, due later in the session. In corporate news, Halfords Group (HFD.LN) surged +11% after the U.K. motoring and cycling products retailer raised its full-year profit guidance.

Germany’s GfK Consumer Climate Index was released today.

The German September GfK Consumer Climate Index came in at -26.6, stronger than expectations of -29.5.

Asian stock markets today settled mixed. China’s Shanghai Composite Index (SHCOMP) closed up +1.13%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.20%.

China’s Shanghai Composite Index closed higher today, driven by strength in the tech sector. Semiconductor and other AI-related stocks rallied on Thursday after Nvidia’s upbeat results and guidance highlighted unrelenting demand for AI hardware. Non-ferrous metal stocks also climbed. Data released on Thursday showed that China’s industrial profit growth slowed for a third consecutive month in July to its weakest pace this year, though it remained in double digits, as export-oriented sectors continued to benefit from the global AI boom. Profits at industrial firms rose 11.2% last month from a year earlier, slowing from a 15.1% gain in June, according to the National Bureau of Statistics. “The international environment remains complex and challenging, and domestically the imbalance between strong supply and weak demand is fairly pronounced,” NBS analyst Yu Weining said in a statement. Yu added that the government will intensify efforts to boost domestic demand, “optimize” supply, and support emerging industries to help “ensure a smooth transition from old to new growth engines.” Elsewhere, China’s central bank resumed injecting funds into the banking system through overnight reverse repos on Thursday. In corporate news, MiniMax Group rose over +3% in Hong Kong after the AI developer reported a nearly fourfold increase in first-half revenue. Investors are now looking for developments from the National People’s Congress Standing Committee meeting, which concludes on Friday, that could signal policy measures aimed at bolstering growth.

Japan’s Nikkei 225 Stock Index closed lower today as the initial boost from chip-related stocks faded. The Nikkei opened sharply higher as Nvidia rallied in extended U.S. trading after the chipmaker delivered strong Q2 results, provided better-than-expected Q3 revenue guidance, and offered an upbeat revenue growth forecast for fiscal 2028. However, the benchmark index later reversed course as Nvidia supplier Advantest gave up its gains and closed more than -3% lower. “The markets remain cautious about buying chip-related stocks after a sharp rise in the first half of this year,” said Kazuaki Shimada at IwaiCosmo Securities. Losses in video game and healthcare stocks also weighed on the Nikkei. Meanwhile, Bank of Japan Deputy Governor Ryozo Himino said on Thursday that the central bank remains vigilant about inflation risks and will consider further policy tightening, reinforcing widespread expectations for a rate hike next month. “We should pay greater attention to the upside risk to prices than in the past. In-depth deliberations should be held at each monetary policy meeting with these perspectives in mind,” Himino said. Elsewhere, foreign investors sold a net 764.1 billion yen ($4.80 billion) worth of Japanese stocks in the week ended August 22nd, marking the largest weekly outflow since June 27th, according to Ministry of Finance data. In corporate news, Kioxia Holdings climbed +5% following reports that it plans to build a new chip-making plant in northern Japan, as Nvidia identified memory hardware shortages as a key constraint in its earnings report. Investor focus is now squarely on Japan’s Tokyo Core CPI for August, scheduled for release on Friday. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed down -7.83% to 28.03.

Pre-Market U.S. Stock Movers

Nvidia (NVDA) surged over +7% in pre-market trading after the chipmaker posted upbeat Q2 results, issued strong Q3 revenue guidance, and gave an FY28 revenue growth forecast that smashed Wall Street’s estimates.

Other chip and AI infrastructure stocks advanced in pre-market trading following Nvidia’s stellar results and guidance. Micron Technology (MU), Sandisk (SNDK), and Marvell Technology (MRVL) were up over +4%.

Salesforce (CRM) climbed more than +11% in pre-market trading after the enterprise software company posted better-than-expected Q2 results, boosted its annual guidance, and expanded its partnership with Anthropic.

CrowdStrike (CRWD) jumped over +9% in pre-market trading after the cybersecurity firm reported stronger-than-expected Q2 results and raised its full-year guidance.

HP Inc. (HPQ) sank more than -11% in pre-market trading as investors shrugged off a widely anticipated increase in the company’s full-year adjusted EPS guidance and focused instead on concerns about future demand for computers and printers.

You can see more pre-market stock movers here

Today’s U.S. Earnings Spotlight: Thursday - August 27th

Marvell Technology (MRVL), Autodesk (ADSK), Workday (WDAY), Dollar General (DG), Affirm Holdings (AFRM), Dollar Tree (DLTR), Ulta Beauty (ULTA), Rubrik (RBRK), Burlington Stores (BURL), Best Buy Co. (BBY), IREN Limited (IREN), Hormel Foods (HRL), HealthEquity (HQY), Elastic (ESTC), The Gap (GAP), SentinelOne (S), Cmb.Tech NV (CMBT), Hyperliquid Strategies (PURR), Nordic American Tankers (NAT), Canadian Solar (CSIQ), PagerDuty (PD), Lucky Strike Entertainment (LUCK), Malibu Boats (MBUU), Build-A-Bear Workshop (BBW), Titan Machinery (TITN).