Stock index futures rise even as Nvidia's shares falter post results

[Wall Street sign in Lower Manhattan, NYC]
georgeclerk

Stock index futures inched up on Thursday, even as Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]) slipped, despite the semiconductor giant topping both its earnings and guidance estimates.

S&P 500 futures (SPX [https://seekingalpha.com/symbol/SPX]) +0.2%, Nasdaq 100 futures (US100:IND [https://seekingalpha.com/symbol/US100:IND]) +0.1%, and Dow futures (INDU [https://seekingalpha.com/symbol/INDU]) +0.3%.

The 10-year Treasury yield (US10Y [https://seekingalpha.com/symbol/US10Y]) fell 1 basis point to 4.22%. The 2-year yield (US2Y [https://seekingalpha.com/symbol/US2Y]) fell 3 basis points to 3.66%.

Wall Street closed higher on Wednesday, with the S&P 500 notching a fresh intraday peak and record close at 6,481.38.

Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]) shares fell 1.8% in premarket trade after the firm reported [https://seekingalpha.com/news/4489603-nvidia-slips-as-q2-results-guidance-top-estimates-unveils-60b-buyback] fiscal second-quarter results and guidance that topped Wall Street's expectations and unveiled a massive share buyback program.

"But even as U.S. equities reached new heights, there were still plenty of doubts swirling in the background that took some of the shine off that," Deutsche Bank's Henry Allen said.

But even as equities were advancing, ongoing concern about the Federal Reserve’s independence clearly remained in the background, and investors responded by pricing in faster rate cuts and higher inflation, Allen added.

There are a slew of economic releases slated for Thursday.

The GDP data will land before the opening bell. The consensus sees GDP revised up marginally to show a 3.1% growth rate in Q2 from the 3.0% initial report. Personal consumption is expected to be unrevised at 1.4 percent.

The initial jobless claims will also come in at the same time and are expected to retreat a bit toward the 4-week moving average (226.25K) to reach 230K.

The July Pending Home Sales Index will be released during market hours and is forecasted to come in at 0.2%.

The Fed balance sheet will land later in the day.

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