Nvidia's Earnings Set Tone for Tech-Driven Market Momentum

U.S. stock futures were mixed as investors, eyeing Nvidia's upcoming earnings report, assessed market momentum following Wall Street's recent dip. Nvidia's performance is crucial to sustaining the tech-driven rally. Major retailers' results and Federal Reserve signals also play pivotal roles. Mixed futures reflect economic and policy uncertainties.

U.S. stock futures displayed mixed signals on Monday, with investors awaiting pivotal corporate earnings, particularly from tech giant Nvidia, following Wall Street's notable declines last week.

The anticipation that the Federal Reserve might slow down its rate cuts and uncertainties surrounding U.S. President-elect Donald Trump’s cabinet picks triggered a downturn on Friday. The S&P 500 and Nasdaq veered from their record-high trajectories, marking their steepest weekly declines in over two months.

Nvidia's third-quarter earnings, due for release on Wednesday, are expected to be critical for investors gauging the continuation of the AI-fueled tech rally. Nvidia shares dropped 2.7% in premarket trading, with projections indicating an 80% revenue surge to $33 billion. Additionally, other megacaps like Alphabet, Amazon, and Tesla showed gains, reflecting varied investor sentiments.

(With inputs from agencies.)