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Nvidia Results, Semiconductor Rally Lift US Equity Futures Pre-Bell

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US equity futures were mostly higher pre-bell Thursday as Nvidia's (NVDA) earnings and an upswing in semiconductor-related stocks lifted market sentiment.

Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.

Nvidia was up 5.9% after the company reported fiscal Q2 earnings and revenue late Wednesday that more than doubled from a year ago.

The Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported, citing unnamed sources familiar with the matter.

Marvell Technology (MRVL) is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.93 per share on revenue of $2.72 billion.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.6% at $87.47 per barrel and US West Texas Intermediate crude 0.4% higher at $82.59 per barrel.

The international trade in goods report for July, scheduled for release at 8:30 am ET, is expected to show the deficit narrowing to $100.5 billion from the revised value of $101.4 billion in the prior month, according to estimates compiled by Bloomberg. Initial jobless claims are projected to have increased to 208,000 in the week ended Aug. 22 from 206,000 in the previous week.

The Federal Reserve's annual three-day Economic Policy Symposium in Wyoming begins in the morning, with Fed Chief Kevin Warsh slated to deliver keynote remarks on Friday.

What else is happening in Japan?

Japan

Japanese Stocks Climb at Open on Bullish AI Investment Outlook

Japanese equities opened higher today as optimism on tech investment rose following Nvidia Corp.'s bullish sales outlook.The Nikkei 225 opened 513 points or 0.7% higher at 66,775.78.Brent crude slipped to around $87 a barrel amid progressing talks in the Middle East against rising Russia-Ukraine tensions.In other reports, BOJ Deputy Governor Ryozo Himino signalled willingness to raise interest rates as early as next month, offering no clear resistance to market bets on such a move.Speaking to local business leaders in Saitama on Thursday, Himino warned that a sustained overshoot of the 2% inflation target would hurt the economy.

Nikkei 225
Japan

US Equity Markets End Lower as Bond Yields Rise After July's Inflation Rate Accelerates

US equity indexes ended lower Wednesday as most government bond yields rose after the Federal Reserve's preferred inflation gauge rose and investors awaited Nvidia's (NVDA) quarterly earnings.* The personal consumption expenditure price index rose by 0.2%, following a 0.1% decline in June, the Bureau of Economic Analysis said Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey.* The Fed's preferred core measure, which excludes food and energy, climbed 0.2% in July, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.* US economic growth, measured by gross domestic product, rose by 1.5% in Q2, unrevised from the advance estimate released last month, as expected in a survey compiled by Bloomberg. GDP rose by 2.1% in Q1.* October West Texas Intermediate crude oil fell $0.40 to settle at $81.96 per barrel, while October Brent crude, the global benchmark, was last seen down $1.13 at $87.45.* Western Digital (WDC) shares were up roughly 4%, the second-best performer on the Nasdaq, after the company said Wednesday it executed private transactions to swap roughly $191 million of its 3% convertible senior notes maturing in 2028 for a mix of cash and stock.* GoDaddy (GDDY) shares were down about 4.3%, the third-worst performer on the S&P 500, after Wells Fargo downgraded the stock to underweight from equalweight and lowered its price target to $76 per share from $80.

Dow JonesNasdaq CompositeS&P 500$GDDY$NVDA$WDC
Japan

Update: US Equity Indexes Trade Mixed in Final Leg as Investors Await Nvidia's Earnings

(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes traded mixed while most government bond yields rose after the Federal Reserve's preferred inflation gauge accelerated in July and as investors awaited AI bellwether Nvidia's (NVDA) quarterly earnings.The Dow Jones Industrial Average edged 0.1% lower to 53,501.1 ahead of Wednesday's close. The S&P 500 clawed up 0.1% to 7,684.1, and the Nasdaq Composite was steady at 26,157.8.In economic news, the headline personal consumption expenditure price index rose by 0.2%, following a 0.1% decline in June, the Bureau of Economic Analysis reported Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey, keeping the annual headline rate at 3.7%, which also exceeded the expected 3.6% print.The Fed's preferred core measure, which excludes food and energy, climbed 0.2% in July, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.Most US Treasury yields rose, with the 10-year yield up 2.1 basis points to 4.66% and the two-year climbed two basis points to 4.22%.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported. "Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on the state-run Sepah News agency.However, Reuters cited the IRGC as saying the strait would not open unless the US met Tehran's conditions under an interim ceasefire agreement that was struck in June before unravelling. Those conditions include an end to the US blockade on Iranian ports, compensation and removal of sanctions, the news outlet said."We have our own tools, and we also know the game," Iran's Economy Minister Ali Madanizadeh said while referring to Tehran's experience circumventing US sanctions, according to a report from Al Jazeera, a Middle Eastern broadcaster. Tehran could potentially "go on the offensive" and was confident that many countries would effectively reject US President Donald Trump's threats to cut off all links with Iran, he added.The front-month US West Texas Intermediate crude oil contract slipped 0.5% to $81.96 per barrel, and global benchmark North Sea Brent declined 1.3% to $87.45 per barrel.

Dow JonesNasdaq CompositeS&P 500$NVDA