Stock futures are flat as investors await Nvidia earnings, inflation report due later this week: Live updates
U.S. equity futures were little changed on Monday night after the S&P 500 posted a losing session as investors turned cautious ahead of Nvidia's earnings and a key inflation report due later this week. Futures tied to the Dow Jones Industrial Average added 15 points, or 0.03%. S&P 500 futures inched higher by 0.03%, while Nasdaq 100 futures were near the flatline. In regular trading, the S&P 500 fell 0.28%, and the Nasdaq Composite lost 0.76% as declines in chip stocks and other tech names weighed on the broader market. Meanwhile, the Dow gained 140.15 points, or 0.26%. In Asia, Japan's Nikkei 225 fell 0.55% on Tuesday, while the Topix was marginally lower. South Korea's Kospi dropped 2.37%, and the small-cap Kosdaq declined 1.23%. Australia's benchmark S&P/ASX 200 was 0.29% higher. U.S. bond yields were lower after CNBC reported that the Treasury Department could use its $1 trillion General Account to fund its plans to ramp up government bond purchases. The U.S. 10-year Treasury fell more than 3 basis points on the day to 4.7%. Investors were taking some risk off the table as they continued to digest last week's pullback and brace for Nvidia earnings this week. The chip giant's quarterly report is due on Wednesday after the closing bell. Inflation is also top of mind for traders, with the personal consumption expenditure price index reading for July out on Wednesday. Another catalyst for stocks and the bond market looms on Friday, with Federal Reserve Chairman Kevin Warsh expected to deliver a speech at the Fed's annual symposium in Jackson Hole, Wyoming. His speaking engagement comes after the Treasury Department announced a plan to tame long-dated Treasury yields. "This week's events combined with overbought conditions, seasonality and midterm elections are likely to accelerate equity market volatility," said Doug Beath, global equity strategist at Wells Fargo Investment Institute. "We continue to believe that the backdrop for stocks remains positive: record corporate earnings driven by AI capital spending despite moderate consumer spending," he added. "We recently raised our earnings targets for all major equity classes except U.S. small-cap last week and continue to see any pullback as a buying opportunity." On the earnings front, traders will be watching for earnings from Bank of Montreal and Dick's Sporting Goods due before the bell Tuesday. Intuit, Box and Zoom will deliver quarterly results after the market close. Investors will also be monitoring consumer confidence data at 10 a.m. ET Tuesday for hints on whether consumer resilience is starting to crack and the impact on economic growth and the Fed's path on interest rates. Asia-Pacific markets traded lower early Tuesday. Japan's Nikkei 225 fell 0.55% at open, while the Topix was marginally lower. South Korea's Kospi dropped 2.37%, and the small-cap Kosdaq declined 1.23%. Australia's benchmark S&P/ASX 200 was 0.29% higher. Asia-Pacific markets were set to open mixed on Tuesday, amid concerns over growing Mideast tensions as the U.S. rolls out global sanctions focused on Iran. Japan's Nikkei 225 was poised to decline, with...
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