U.S. stock index futures edged lower Friday as the initial euphoria over Nvidia's blockbuster outlook faded and Marvell Technology's disappointing post-earnings reaction cooled sentiment across the artificial intelligence (AI) trade, with traders holding fire ahead of Federal Reserve Chair Kevin Warsh's Jackson Hole address.
Futures for Wall Street gauges, with the exception of the Dow, edged lower as initial enthusiasm about the AI trade following Nvidia Corp.'s bullish outlook waned, with contracts for the Nasdaq 100 Index slipping about 0.3%, weighed down by Marvell Technology, which fell about 7% in premarket following its earnings report.
The pullback follows a strong Thursday finish on Wall Street. U.S. equity indices closed higher on Thursday as strong results from Nvidia supported the technology sector, with the S&P 500 rising 0.72%, the Nasdaq advancing 1.57% and the Dow adding 105 points or 0.20%. Nvidia surged 8.74% after strong demand for AI computing drove the world's largest company to forecast a 70% increase in revenue next fiscal year, challenging persistent skepticism that capital spending on AI infrastructure would slow.
Premarket Snapshot
| Instrument | Level | Change |
|---|---|---|
| S&P 500 futures | 7,739 | -0.05% |
| Nasdaq 100 futures | 29,612.75 | -0.28% |
| Dow futures | 53,661.00 | +0.07% |
| US 10-year yield | 4.688% | +1.6 bps |
| WTI crude | $83.34 | -0.23% |
| Brent crude | $89.95 | +0.28% |
| Gold futures | $4,657 | -0.15% |
| Dollar Index (DXY) | 99.18 | +0.02% |
| VIX | 14.47 | -0.28% |
| Bitcoin | $79,3824 | -0.32% |
The latest NQ positioning data from MarketFramework shows strong bullish divergence, with profitable traders 61.5% long, while unprofitable traders are 50% long. The nearly 12-percentage-point gap signal a decisive bullish setup.
US Stocks in Focus
Marvell Technology reported strong Q2 earnings with $2.74 billion in revenue and an adjusted EPS of $0.94, both exceeding analyst estimates. The company also raised its annual forecasts. Still, the chip designer fell about 7% in premarket trading following its earnings report, dragging semiconductor peers in sympathy trade.
After-the-bell reporters from Thursday's session, including Affirm (AFRM), Elastic (ESTC), and Gap (GPS) advanced solidly.
On the other hand, SentinelOne (S), Ulta Beauty (ULTA) and Workday (WDAY) all moved lower in reaction to their quarterly results,
Asia Wrap
Asian equities finished the week on a mixed note. The Hang Seng erased an early loss and ended marginally higher, while Taiwan and Japan stayed higher. On the other hand, Korean memory leaders remained under pressure, dragging the Kospi down by 1.79%. Shanghai finished 0.11% lower, underscoring a widening onshore-offshore split in China exposure.
Europe: Early Trend
European bourses opened on a firmer footing, and hovered in positive territory by the mid-session. European shares have started August 2026 in almost the opposite way to what their seasonal reputation would suggest, with the EURO STOXX 50 and DAX hovering near record highs while the CAC 40 remains close to its peak.
Key Technical Levels
- Nasdaq Composite: The index is approaching resistance at 26900 points, which may give a negative reaction; a break upwards through 26900 points will be a positive signal.
- S&P 500: The index closed Thursday near 7,731; a sustained hold above 7,700 keeps the medium-term uptrend intact, with the recent swing low near 7,650 as first support.
- Marvell (MRVL): Shares trade about 2% above the 50-day SMA of $232.82, a level that could serve as near-term support following the post-earnings slide.
Macro Data Preview
The macro slate is light on Friday, with Fed Chair Warsh's Jackson Hole remarks the dominant risk event. Wednesday's PCE print set the tone earlier in the week: a closely watched U.S. price gauge rose in line with expectations in July and consumer spending stalled, giving the Federal Reserve some room to hold interest rates steady in the near term. Fed funds futures markets were implying around a 36% chance of a hike in September heading into Friday's session, keeping rate-path commentary from Warsh firmly in focus.
