U.S. stock index futures pointed to a mostly higher open Thursday, powered by a blowout quarter from Nvidia that rekindled confidence in the artificial intelligence (AI) spending cycle and set the stage for a tech-led rally at the New York bell.
Futures for the tech-heavy Nasdaq 100 gained after Nvidia gave a bullish sales outlook, easing concerns that the AI spending boom is losing momentum, with contracts for the benchmark up more than 1% in early Thursday trading. The chipmaker's report, delivered after Wednesday's close, showed earnings of $2.22 per share, more than double what the chipmaker reported one year ago, with revenue at $96.2 billion, up 106.0% year over year. Management guided fiscal 2027 third-quarter revenue to $108 billion, plus or minus 2%, representing year-over-year growth of more than 89%.
Traders now turn to a macro slate that includes weekly jobless claims, with Federal Reserve speakers gathering in Wyoming for the annual Jackson Hole symposium.
Premarket Snapshot
| Instrument | Level | Change |
|---|---|---|
| S&P 500 futures | 7,723.00 | +0.43% |
| Nasdaq 100 futures | 29,601.75 | +1.07% |
| Dow futures | 53,482 | -0.07% |
| US 10-year yield | 4.668 | up marginally |
| WTI crude (Oct) | $82.33 | +0.12% |
| Brent crude (Oct) | $88.34 | +0.57% |
| Gold futures (Dec) | $4,629.60 | +0.51% |
| Dollar Index (DXY) | 99.23 | +0.07% |
| VIX | 14.93 | -1.78% |
| Bitcoin (BTC) | $79,987.48 | +1.63% |
Nasdaq 100 futures (NQ) are up over 1% around 29,601.75 but positioning data shows an extreme bearish divergence, according to MarketFramework's Positioning Edge tool.Profitable traders are 52.1% short, compared with just 23% short among unprofitable traders, making profitable traders roughly 30% more short.
The average entry levels add to the signal: profitable traders entered around 29,930, slightly above the current price, while unprofitable traders entered near 29,870. If NQ pushes above 29,930, short-covering among profitable traders could provide additional upside momentum. However, a reversal below 29,870 could put the crowded long side under greater pressure, making the positioning imbalance an important risk factor for the rally.
US Stocks in Focus
Nvidia stock jumped mroe than 7% during premarket trading on Thursday following the company's earnings release. The move set the tone for the tech rally, which was also supported by upside in broad software and cybersecurity stocks. Salesforce (+12%), CrowdStrike (+9%) and Okta (+20%) shares lifted in premarket trading following a string of strong earnings reports.
Retail names take the spotlight before the bell, with expected earnings from Toronto-Dominion Bank, Dollar General, Dollar Tree, Burlington Stores, Best Buy, Marvell Technology, Autodesk, Workday, Affirm Holdings and Ulta Beauty. Options markets are pricing outsized moves: Dollar Tree's weekly straddle implies a move of 10% with a call-put ratio of 1 call to 1.7 puts, while Dollar General's implies a 9% move with a 1.6-to-1 call-put skew.
Key Technical Levels
For the S&P 500, traders are watching the psychological 8,000 resistance area on the cash index, with strategists flagging a broader path toward 8,000 if Nvidia's tape follows through. On Nvidia itself, the stock had been trading above its 50-day moving average heading into the print, making the post-earnings gap a critical test of the near-term trend.
Asian Markets
Asia-Pacific markets closed mixed Thursday as regional traders parsed Nvidia's after-hours print against a firmer dollar and softer commodity tape. Japanese exporters lagged after the yen firmed on hopes of a dovish tilt from Jackson Hole, dragging the Nikkei 225 average down by 0.20% to 66,131.98. Hong Kong and mainland China traded on either side of flat as investors awaited fresh policy cues from Beijing.
European Markets
European bourses opened higher but has since surrrendered their gains and traded mostly lower by the after-noon session. The pan-European Stoxx 600 fell 0.37%, with London's FTSE 100 lagging on a firmer pound. On the other hand, the German DAX Index held up amid gains in semiconductor equipment suppliers and software resellers. Also, German consumer sentiment improved slightly in August according to the latest NIM and GfK Consumer Climate print, though the index still stood in negative territory, with a significant increase in income expectations driving overall sentiment higher despite willingness to buy remaining at rock bottom.
Macro Data Preview
- 8:30 a.m. ET — Initial jobless claims for the week ended Aug. 22; prior print was 206,000, with the four-week average trending near multi-month lows.
- 8:30 a.m. ET — Advance goods trade balance and wholesale inventories for July.
- 10:00 a.m. ET — Pending home sales for July.
- August 27–29 — Kansas City Fed's Jackson Hole Economic Policy Symposium, with Fed officials expected to weigh in on the rate-cut path into September.
