Dow, S&P 500, Nasdaq futures slip with all eyes on Nvidia earnings

US stock futures edged lower on Wednesday as investors cautiously counted down to Nvidia’s (NVDA) earnings report, seen as a crucial test of hopes for Big Tech amid tariff uncertainty.

Dow Jones Industrial Average futures (YM=F) backed off roughly 0.3%, while those on the S&P 500 (ES=F) slipped 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also shed around 0.2%, signaling a struggle ahead to sustain Tuesday’s tariff reprieve-driven rebound.

Nvidia’s results are looming large as Wall Street looks to the AI chipmaker to confirm that megacap techs can still drive gains even as trade-war fears prey on markets. It’s expected to report first quarter earnings after the bell on Wednesday. If it beats lofty targets for sales and profit — and crucially, delivers an upbeat outlook amid anti-China trade measures — strategists expect a broader rally in stocks.

Also on the docket are quarterly results from Macy’s (M), Abercrombie (ANF), and Salesforce (CRM).

On the economic front, minutes from the Federal Reserve’s meeting earlier in May are set for release later in the day. Investors are looking for additional insight into how policymakers view the economy, with the impact of President Trump’s trade policy in high focus.

Fresh data on Tuesday showed that US consumer confidence rebounded in May as Americans reacted to Trump delaying the implementation of a 50% tariff on imports from the European Union — a sign of easing trade tensions.

Nations are now racing to cut deals with the Trump administration to avoid the planned US tariff hikes, with India reportedly the latest to offer to lower its own tariffs on some American products.