U.S. stock index futures moved lower Wednesday night as investors assessed whether Nvidia’s strong quarterly earnings were enough to justify its massive valuation and continue fueling the artificial intelligence stock rally in 2026.
S&P 500 Futures dropped 0.4% to 7,422 points, while Nasdaq 100 Futures declined 0.7% to 29,200.75. Dow Jones Futures also slipped 0.3% to 49,971 points during late evening trading.
Despite reporting better-than-expected earnings, Nvidia (NASDAQ: NVDA) shares fell 1.3% in after-hours trading. The AI chip giant projected solid second-quarter revenue growth and announced an $80 billion stock buyback program, but investors appeared cautious after months of aggressive gains tied to booming artificial intelligence demand.
Market expectations for Nvidia had been extremely high ahead of the report. According to Reuters, options traders anticipated a potential 6.5% move in Nvidia stock following earnings, representing nearly $350 billion in market value fluctuation.
The broader market had rallied earlier in the day, with the Nasdaq Composite gaining 1.6%, the S&P 500 rising 1.1%, and the Dow Jones Industrial Average advancing 1.3%. Investor sentiment improved as Treasury yields eased and oil prices retreated amid hopes for progress in U.S.-Iran negotiations.
The benchmark 10-year Treasury yield fell below 4.6%, helping support growth stocks and technology shares. Lower crude oil prices also eased concerns about inflation and global economic pressures.
Meanwhile, financial software company Intuit (NASDAQ: INTU) plunged more than 13% in extended trading after disappointing quarterly revenue results. The company also announced plans to reduce approximately 17% of its workforce as part of a restructuring initiative focused on artificial intelligence integration.
Investors are now closely watching Walmart’s upcoming earnings report for insights into U.S. consumer spending trends and the potential impact of tariffs on retail costs. Market attention also remains focused on geopolitical developments involving the United States and Iran, as President Donald Trump stated negotiations were entering their final stages while warning tensions could escalate if talks collapse.


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