U.S. stock futures dip ahead of Nvidia earnings this week

U.S. stock futures are lower as investors look to chip giant Nvidia's earnings for the next move.

Nvidia's earnings are due on Aug. 27, after the market close. Nvidia is expected to post a 48% rise in earnings per share on revenue of $45.9 billion for its second fiscal quarter, according to data firm LSEG.

Dell and Marvell's quarterly results are due the next day.

At the end of the week, investors willl see the Federal Reserve's preferred inflation gauge, the July personal consumption expenditure price index. Core PCE, minus volatile food and energy prices, are expected to rise 2.9% on a year-over-year basis, compared to a 2.8% increase in June, according to economists polled by FactSet.

At 7:56 a.m. ET, futures tied to the blue-chip Dow fell 0.21%, or 95 points, to 45,620.00, while broad S&P 500 futures slipped 0.22%, or 14.5 points, to 6,468.75 and tech-heavy Nasdaq futures lost 0.29%, or 69.25 points, to 23,500.50. The benchmark 10-year Treasury yield rose to 4.287%.

Despite an expected uptick in inflation, Federal Reserve Chairman Jerome Powell suggested last week he might be ready to support a rate cut soon. Stocks rallied on those comments, with the Dow closing at a record high.

Lower rates drop the cost of borrowing, which should spur business investments and consumer spending to lift the economy.

76943763007

Corporate news

Keurig Dr Pepper will buy European coffee company JDE Peet’s for roughly $18 billion. Comcast;'s NBC and Disney's ABC should have their licenses revoked, Trump said in a social media post. Intel added to last week's gains after the U.S. government confirmed a 10% stake in the chipmaker.FILE PHOTO: A graph showing the movement of The Dow Jones Industrial Average (DJI) is displayed after the market close at The New York Stock Exchange (NYSE) U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo

Cryptocurrency

Michael Saylor, Microstrategy co-founder, hinted on social media the company will buy more Bitcoin.

Separately, Trish Turner said in a LinkedIn post she resigned as head of the Internal Revenue Service’s (IRS) digital assets division, just three months into the role

Ether rose to a new record over the weekend.

Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.

This article originally appeared on USA TODAY: U.S. stock futures dip ahead of Nvidia earnings this week