Retail sentiment on Stocktwits remained ‘bearish’ on SPY and QQQ.

  • Nvidia reports after the bell Wednesday, as investors look for evidence that the AI spending boom can sustain its torrid pace. 
  • July PCE inflation, preliminary Q2 GDP and durable goods orders are due at 8:30 a.m. ET, giving investors fresh clues on inflation, growth and the Federal Reserve's next move. 
  • Easing oil prices and hopes for a temporary Strait of Hormuz corridor offer some support.

U.S. stock futures were marginally lower early Wednesday as traders brace for an earnings report from AI bellwether Nvidia, as well as a heavy macro data drop, including the July PCE price index and Q2 GDP revisions. 

As of 4:00 a.m. ET, Nasdaq futures fell 0.2%, S&P 500 futures declined 0.1%, while Dow and Russell 2000 futures were flat with a positive bias.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has remained ‘bearish.’

In the geopolitical arena, Iran has resumed talks with Oman over access through the Strait of Hormuz, raising hopes that the critical shipping route could eventually reopen. Trump administration has also reportedly indicated that no new strikes against Iran are expected for now. Brent crude fell more than 2% on Wednesday, while the 10-year Treasury yield slipped to about 4.63%. 

Tech Radar

Nvidia (NVDA): Chip giant Nvidia takes center stage after the closing bell, with Wall Street expecting revenue of about $92.18 billion, nearly double the year-ago figure. This earnings report comes amid emerging custom-chip competition from OpenAI’s new “Jalapeno” inference processor. A Stocktwits poll puts the expected post-earnings move at roughly 5%-7%. 

Meta Platforms (META): Reports suggest that Meta and state attorneys general have discussed a possible settlement in the blockbuster teen social-media addiction case. Future Fund Managing Director Gary Black believes that a multibillion-dollar settlement could ultimately be viewed positively by investors if it removes a major legal overhang.

Intuit (INTU) shares fell 11% in early premarket trade after issuing weak FY27 guidance and admitting high pricing friction on TurboTax is driving away quality DIY customers toward cheaper competitors. 

ServiceNow (NOW), Adobe (ADBE) and Salesforce (CRM) also slipped in early premarket trade on concerns about pricing pressure and AI disruption across software. 

Cerebras (CBRS) is gaining retail attention after Cathie Wood’s ARK Invest bought an additional $17.3M of stock amid its post-IPO pullback. 

Trending Stocks

Tesla (TSLA): Tesla's Terafab project has entered the agreement phase of Texas' Jobs, Energy, Technology and Innovation program, while attention is also building around the company's new Semi factory.

SpaceX (SPCX): Is reportedly planning a massive new Starship launch base in Louisiana. Meanwhile, as it winds down its final Falcon 9 Starlink mission, it has put Rocket Lab (RKLB), AST SpaceMobile (ASTS) and Intuitive Machines (LUNR) back on the radar. 

Sellas Lifesciences (SLS) & Immunitybio (IBRX) remain on retail watchlists after disclosures showed the Virginia Retirement System (15th-largest U.S. pension fund) holds a stake in these biotechs.

Energy Fuels (UUUU): Nuclear and uranium plays are rallying after the Trump administration submitted a civil nuclear energy agreement with Saudi Arabia to Congress. 

Critical Minerals (CRML): Rare-earth names are soaring following a $1.55B Trump administration package to strengthen domestic critical mineral supply chains. 

Dick's Sporting Goods (DKS) is attempting to stabilize in early premarket trade after Tuesday’s rout following a cut to its annual outlook. Several analysts have subsequently lowered price targets.

Other tickers trending on Stocktwits at the time of writing included Paramount Skydance (PSKY), Uber Technologies (UBER), FuelCell Energy (FCEL), and Capricor Therapeutics (CAPR).

What Else To Watch Wednesday

On the economic front, investors will watch for the release of the Personal Consumption Expenditures Price Index (PCE), GDP Report, and durable goods orders at 8:30 am ET. Dow Jones economists expect personal income to rise 0.2% in July and consumer spending to increase 0.1%. Markets will look to Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday for clues about the longer-term rate outlook. 

Richmond Fed President Tom Barkin speaks at 11:45 a.m. ET, following recent remarks warning of a future "reckoning" if public debt continues past $40 trillion.

On the earnings front, Castor Maritime Inc (CTRM), Kohl's Corp. (KSS), UP Fintech Holding Ltd - ADR (TIGR), Abercrombie & Fitch Co. - Ordinary Shares - Class A (ANF), Salesforce Inc (CRM), CrowdStrike Holdings Inc - Ordinary Shares - Class A (CRWD), and Okta Inc - Ordinary Shares - Class A (OKTA) are among those reporting today. 

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