Investors assessed Nvidia’s earnings and China commentary alongside broader macro risks.
- Nasdaq 100 futures were down 0.3%, S&P 500 futures fell 0.1% and Dow futures slipped 0.2%.
- Nvidia flagged no assumed China data center revenue and warned Chinese competitors are “making progress,” tempering post-earnings enthusiasm.
- Markets are also tracking U.S. sanctions on Iran ahead of the Geneva nuclear talks, along with Trump’s tariff push toward 15%.
U.S. stock futures edged lower late Wednesday as investors weighed Nvidia’s earnings beat and cautious China commentary, alongside Salesforce’s weak outlook and ongoing geopolitical and tariff tensions.
As of 8.15 p.m. ET, Nasdaq 100 futures were down 0.3%, while S&P 500 futures and Dow futures were down 0.2%.
On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) was still ‘bullish’ amid ‘high’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) was ‘bearish’ amid ‘normal’ message volume, and sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘extremely bearish’ amid ‘normal’ message volume.
US Market Drivers
Nvidia was the main market-moving event overnight, with traders digesting both its headline figures and its commentary around China competition.
The chipmaker reported fourth-quarter (Q4) revenue of $68.13 billion, topping estimates, and guided fiscal first-quarter sales to about $78 billion versus expectations of $72.8 billion. CFO Colette Kress said on the conference call that “revenue is expected to be $78 billion, plus or minus 2%. We are not assuming any Data Center compute revenue from China in our outlook.”
She also said on the call that competitors in China are “making progress,” referencing firms bolstered by recent IPOs, and warned they “have the potential to disrupt the world order in AI” and could impact Nvidia’s ability to compete globally.
CNBC’s Jim Cramer said on X, “Nvidia trading down from after-hours high on questions about China. I think that’s a mistake.”
The reaction came after a strong regular session. On Wednesday, the Dow Jones Industrial Average rose 0.6%. The S&P 500 gained 0.8 and the Nasdaq Composite advanced 1.3%.
Concerns about AI disruption lingered after a report earlier this week from Citrini Research outlined hypothetical risks to various industries, unsettling markets.
The Kobeissi Letter noted on X that “Market breadth is experiencing a historic improvement,” with 66% of S&P 500 constituents now outperforming the index year-to-date, the strongest such reading since records began in 1986.
“Interestingly, Nvidia is the only stock from the Magnificent 7 gaining more than the benchmark so far this year,” The Kobeissi Letter added.
Geopolitical and trade developments also remained in focus. The U.S. imposed sanctions on more than 30 entities supporting Iranian oil and weapons sales, increasing pressure ahead of nuclear talks scheduled for Thursday in Geneva.
U.S. President Donald Trump moved ahead with a 10% duty on global imports implemented Tuesday and signaled a directive to raise the global tariff to 15% “where appropriate.” In his State of the Union address, he highlighted the economy and proposed government-backed retirement accounts while reiterating a call to limit large institutional investors’ purchases of single-family homes.
Trending Stocks To Watch On NYSE, Nasdaq
Nvidia Corp. (NVDA): Shares climbed 0.2% in extended trading after the company posted 75% year-on-year growth in data center revenue, and returned $41.1 billion to shareholders via buybacks and dividends.
The Trade Desk Inc. (TTD): Shares plunged 16% after-hours as the company forecast first-quarter revenue below Wall Street expectations, despite delivering a Q4 revenue beat, and earnings per share (EPS) above estimates.
Salesforce Inc. (CRM): Shares slipped about 5% in extended trading after fiscal 2027 revenue guidance came in below consensus, even as Q4 revenue and earnings topped estimates.
IonQ Inc. (IONQ): Shares rose 7% in extended trading after reporting Q4 results and guiding to a 2026 revenue target of $235 million, as investors also revisited former hedge fund manager and pharmaceutical executive Martin Shkreli’s March 2025 X post, as he said he would “shave my head” if the company exceeded $400 million in revenue in 2027.
C3.ai Inc. (AI): Shares tumbled 23% after-hours as the company forecast Q4 and full-year revenue below consensus expectations and reported a wider-than-expected quarterly loss.
How Global Markets Are Performing Today
In broader markets, gold steadied near $5,170 an ounce after rising about 20% this year and hitting a recent three-week high. JP Morgan raised its long-term gold forecast to $4,500 an ounce and maintained a 2026 year-end target of $6,300, citing central bank demand, investor flows and geopolitical risks, according to a Reuters report.
Asia-Pacific markets mostly opened higher Thursday, tracking Wall Street’s gains. Australia’s S&P/ASX 200 rose, Japan’s Nikkei 225 gained, and Hong Kong’s Hang Seng futures traded above the index’s Wednesday close.
Among the catalysts for the day are Initial jobless claims, testimony from Fed Vice Chair for Supervision Michelle Bowman and developments from the Geneva nuclear talks.
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