Nvidia Earnings Loom, Futures Slip

U.S. stock futures slipped Wednesday as investors looked ahead to the widely-anticipated release of Nvidia’s latest earnings report.

Futures for the Dow Jones Industrials let go of 42 points, or 0.1%, to 39,964.

Futures for the S&P 500 settled 7.75 points, or 0.1%, at 5,337.50.

Futures for the NASDAQ Composite faltered 15.25 points, or 0.1%, to 18,784.

The S&P 500 and NASDAQ are coming off record setting sessions, while the Dow rose slightly.

Nvidia is slated to post fiscal first-quarter results after the bell Wednesday, with analysts expecting another strong quarter from the chipmaker. LSEG data shows consensus estimates call for earnings and revenue to have rise 400% and 240% year on year.

Investors will closely watch the report for clues on whether this year’s tech rally can continue. The tech-heavy NASDAQ has popped 12% to record highs year to date.

Besides Nvidia, companies such as Analog Devices, TJX and Raymond James Financial are also slated to post their latest results on Wednesday.

Traders will also watch out for minutes from the latest Federal Open Market Committee meeting, as well as April’s existing home sales.

Target reported earnings that missed expectations, sending shares lower by 7%.

Urban Outfitters gained 6% after the clothing retailer posted beats on the top and bottom line in its latest quarter. Homebuilder Toll Brothers inched higher by 1% after surpassing analysts’ estimates and raising its full-year delivery guidance.

In Japan, the Nikkei 225 descended 0.9%, while in Hong Kong, the Hang Seng index lost 0.1%.

Oil prices sank 42 cents to $78.24 U.S. a barrel.

Gold prices gave back $7.60 to $2,430.70 U.S. an ounce.