Major United States equity futures moved lower on Wednesday night (Thursday AEST) as investors assessed NVIDIA’s latest earnings results and weighed whether the artificial intelligence giant had done enough to justify its lofty valuation and market expectations.
By 10:20 am AEST (12:20 am GMT), Dow Jones futures were down 0.3%, S&P 500 futures fell 0.4%, and Nasdaq 100 futures lost 0.6%.
The declines came despite another strong quarterly performance from NVIDIA, whose shares slipped 1.3% in extended trading after the company released its first-quarter results.
NVIDIA reported an 85% surge in revenue from a year earlier to US$81.62 billion, comfortably beating consensus estimates of $79.2 billion.
The company also announced an $80 billion share buyback program alongside guidance for second-quarter revenue above analyst estimates.
Maenwhile, Intuit plunged 13.4% after the company announced plans to cut 17% of its workforce.
Intuit also fell short of analyst expectations for third-quarter revenue, reporting $8.56 billion compared with consensus forecasts of $8.61 billion.
Meanwhile, e.l.f. Beauty added 4.2% after the cosmetics retailer exceeded Wall Street expectations on both earnings and revenue for the fourth fiscal quarter.
The company also said it planned to reverse some tariff-related price increases, citing financial pressure on consumers facing elevated fuel costs.
Earlier in the regular trading session, Wall Street indices rallied as easing oil prices and lower Treasury yields improved investor sentiment.
Markets were buoyed after United States President Donald Trump said the administration was in the “final stages” of negotiations with Iran, raising hopes of easing geopolitical tensions in the Middle East.
Investors will now turn their focus to a fresh round of corporate earnings and economic data due on Thursday.
Walmart, the United States’ largest grocer and private employer, is scheduled to report earnings before the opening bell, while enterprise software company Workday will release results after markets close.
Traders will also monitor key economic releases including weekly jobless claims data, housing market figures and manufacturing activity reports later in the session.
