【US Pre-Market】Nvidia Earnings Due Tonight; Software Stocks Fall Broadly as Intuit Tumbles Nearly 12%

TradingKey - On Wednesday, August 26, Eastern Time, futures on the three major US stock indexes were mixed in pre-market trading. Ahead of the upcoming release of Nvidia's earnings report and US core PCE inflation data, investors remained cautious, with tech stocks showing overall weakness.

As of press time, Nasdaq 100 futures fell 0.04%, Dow Jones 30 futures rose 0.04%, and S&P 500 futures fell 0.01%.

Performance of futures on the three major US stock indexes, Source: Investing

In commodities, gold (XAUUSD) fell slightly, with spot gold falling below $4,620 per ounce. Investors are awaiting US core PCE data to assess inflation pressures and the Federal Reserve's future interest rate policy.

International oil prices extended their losses, with WTI (USOIL) crude falling below $80 and Brent crude (UKOIL) falling below $85. Iran and Oman reached an interim understanding on restoring commercial shipping in the Strait of Hormuz, easing market fears over crude supply disruptions.

In cryptocurrencies, Bitcoin (BTCUSD) pulled back from a nearly three-month high and is currently trading around $78,000. Investors' risk appetite cooled ahead of the release of US inflation data.

Market Action

Memory chip stocks were mostly lower in pre-market trading. Western Digital (WDC) fell about 0.56%, Micron Technology (MU) slipped about 0.40%, SK Hynix (SKHY) dropped about 0.52%, and SanDisk (SNDK) declined about 0.47%.

Software stocks were broadly lower in pre-market trading. ServiceNow (NOW) and Adobe (ADBE) fell about 2.5%, Salesforce (CRM) dropped about 2.18%, and Palantir (PLTR) slipped about 1.07%.

Zoom (ZM) fell over 6% in pre-market trading. The company's second-quarter revenue grew 4.9% year-over-year to $1.277 billion, and adjusted earnings per share came in at $1.55, both slightly beating market expectations. However, its third-quarter adjusted EPS guidance of $1.46 to $1.48 fell short of market expectations of $1.50, dampening the positive impact of its raised full-year guidance.

Intuit (INTU) tumbled nearly 12% at one point in pre-market trading. Although the company's fourth-quarter fiscal results exceeded market expectations, its revenue and earnings guidance for fiscal 2027 fell significantly short of Wall Street forecasts, sparking investor concerns over slowing growth.

Market News

Nvidia will report its Q2 FY2027 financial results after the market close on Wednesday. The market will focus on Data Center revenue, progress on the Blackwell and Rubin platforms, gross margin trends, and management's latest outlook on AI infrastructure demand.

U.S. core PCE inflation data is about to be released. The U.S. will release the July core PCE price index at 8:30 a.m. Eastern Time. The market expects year-over-year core PCE growth to remain at 3.3%, while month-over-month growth could rise from 0.1% to 0.2%.

Iran and Oman have reached an interim understanding on Strait of Hormuz shipping. Under the preliminary arrangement, commercial vessels entering the Persian Gulf will transit Iranian waters, while those exiting will pass through Omani and Iranian waters, with warships temporarily prohibited. The news eased market concerns over disruptions to crude oil shipments from the Gulf region.

SoftBank is considering issuing up to $20 billion in bonds. SoftBank Group is reportedly in discussions with investment banks to issue $10 billion to $20 billion in U.S. dollar and euro bonds to refinance loans obtained for its investment in OpenAI. The issuance could launch as early as September, though the exact size and terms have not yet been finalized.

SpaceX plans to invest $100 billion to build a new spaceport. SpaceX (SPCX) plans to build "Starbase Louisiana" in Louisiana. The project covers approximately 125,000 acres, with construction expected to begin in 2027, aiming for its first Starship launch as early as 2029.

Micron's CEO reduces company stock holdings again. Regulatory filings show that Sanjay Mehrotra, CEO of Micron Technology, sold 40,000 shares on August 21, cashing in nearly $40 million. Under a previously established Rule 10b5-1 trading plan, he has sold approximately 200,000 shares this year, cashing in over $180 million.

Canada announces retaliatory tariffs on U.S. goods. Canada will impose tariffs on more than 700 U.S. goods worth approximately C$27.6 billion in response to the 50% tariffs implemented by the U.S. The measures will take effect on September 8, while the Canadian government will launch a C$7.5 billion aid package for businesses and workers.

Key Data and Events Preview

At 8:30 AM ET, the U.S. releases the July core PCE price index and second-quarter real GDP annualized rate.

At 10:30 AM ET, the U.S. releases weekly EIA crude oil inventory data.

After U.S. market close, Nvidia (NVDA), CrowdStrike (CRWD), Salesforce (CRM), and HP (HPQ) report earnings.