DJIA futures up 258 points (Il Sole 24 Ore Radiocor) - New York, 29 Aug - US futures were higher as investors took stock of Nvidia's latest earnings and geared up for data on growth and jobs.

Wall Street closed lower yesterday as big tech losses dragged indexes lower with the tech-heavy Nasdaq down 1.1% and the S&P 500 down 0.6%. The Dow closed 0.4% lower.

AI bellwether Nvidia, which released earnings after market close yesterday, doubled revenues and profits in its latest quarter and gave a positive update on the current quarter sales trend. But so high are expectations of the chip designer, slowing growth rates compared to last year and growing challenges for its latest complex chips ended up stealing the day.

The stock, which has risen more than 150% so far this year, fell sharply in afterhours trade and is currently down 4% premarket.

Nvidia is one of the most influential stocks on Wall Street with a total market value that has ballooned to more than 3 trillion dollars on the back of AI frenzy.

On the data front, investors will be watching a second reading of Q2 GDP today as well as the latest weekly jobless claim report to gain insight into how the economy is faring.

But the main focus will be on tomorrow's PCE price index which could prove decisive in cementing of sinking growing hopes for a 50 basis point cut in interest rates September rather than just a quarter point.

Last week Fed chief Jerome Powell signalled the time was right for an interest rate cut, but did not say when or by how much.

Elsewhere on the stocks front, shares in Salesforce were up 5% in premarket trading after the business software giant beat estimates and lifted its profit guidance. Companies reporting earnings today include Dollar General, Cambell Soup and Lululemon.

Futures on the Dow Jones were up 258.00 points, or 0.63%, S&P 500 futures were up 12.00 points, or 0.21%, while futures on the Nasdaq were 38.75 points, or 0.20%, higher.

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(RADIOCOR) 29-08-24 13:57:55 (0311) 5 NNNN