Stock Futures Flat Ahead of Big Chip Earnings

Wall Street is readying for Nvidia's earnings

Emma Duncan

Managing Editor

Aug 28, 2024 at 9:06 AM

Futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are flat, as Wall Street awaits Nvidia 's (NVDA) earnings, due out after tonight's close. Investors hope the results will provide a taste of the current climate within the chip and artificial intelligence (AI) sectors. A handful of other earnings are still trickling in, alongside reports of Warren Buffett's Berkshire Hathaway (BRK.A) dumping even more shares of Bank of America (BAC).

Continue reading for more on today's market, including:

Behind 3 sinking weed stocks.
Don't miss this Best Buy pre-earnings workup.
Plus, behind Berkshire's latest dump; 2 retailers seeing notable post-earnings moves.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw 948,470 call contracts and 662,819 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.70 and the 21-day moving average stayed at 0.65.
A regulatory filing shows Warren Buffett's Berkshire Hathaway has dropped more of Bank of America Corp (NYSE:BAC), continuing its multi-month dance of shedding more than $5 billion-worth of shares. In response, BAC is off 0.7% before the bell, struggling to break above recent resistance at the 60-day moving average.
Foot Locker Inc (NYSE:FL) is suffering a steep 8.5% pre-market drop, set to open at $30 after the company posted a quarterly loss and revenue miss. FL has been improving on the charts, carrying a 37% year-over-year gain heading into today.
Another retailer fresh off earnings is Nordstrom Inc (NYSE:JWN), the company enjoying a 1.1% lead before the open after sharing an impressive earnings beat. The business cited "strong regular price sales" as a catalyst for the outperformance. For 2024, JWN has added 14%.
Stay up-to-date with the latest earnings and economic schedule.

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Household Confidence Boosts Investor Optimism

Asian markets were mixed on Wednesday, amid news that China’s e-commerce giant JD.Com (JD) will buy back $5 billion in stock. Japan’s Nikkei rose 0.2%, while South Korea’s Kospi added 0.02%. Elsewhere, China’s Shanghai Composite and Hong Kong’s Hang Seng shed 0.4% and 1%, respectively.

European markets are mostly higher, enjoying tailwinds form the insurance and chemical sectors as traders unpack earnings results. Plus, rising household confidence in the French economy in August is boosting optimism. The German DAX was last seen 0.8% higher, France’s CAC 40 sports a 0.5% lead, and London’s FTSE is down 0.1%.

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