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US stock futures traded near flat early Thursday as investors assessed NVIDIA’s strong earnings and forward guidance after a two-day market rebound. NVIDIA stayed in focus because its results reinforced demand for AI infrastructure and helped support sentiment across semiconductor and software stocks.
The market also watched several earnings reactions outside the chip sector, including Salesforce, Snowflake, and Nutanix, as traders looked for signs of broader leadership beyond a few large-cap names.
Dow Jones, S&P 500, and NASDAQ 100 futures showed limited movement in early trade, signaling a cautious start after strong gains in the previous session. On Wednesday, the NASDAQ led the move higher with a 1.3% gain, while the S&P 500 rose 0.8%, and the Dow Jones Industrial Average added 0.65%.
The rebound followed recent pressure tied to tariff concerns and questions about AI-driven valuations. Wednesday’s session showed a stronger risk appetite, especially in technology and semiconductor shares. The S&P 500 reclaimed key support, while the NASDAQ moved closer to its 50-day moving average.
Investors also tracked macro indicators as they prepared for fresh economic data. The 10-year Treasury yield stayed near 4.05% to 4.07%, while crude oil futures moved lower. Bitcoin also held recent gains, which added to the risk-on tone in parts of the market.
NVIDIA reported fiscal fourth-quarter revenue of $68.1 billion, up 73% from a year earlier, with data center revenue at $62.3 billion. The company also issued first-quarter revenue guidance of $78.0 billion, plus or minus 2%, which came in above many market expectations.
The results helped steady sentiment around AI-related names after recent volatility. NVIDIA shares rose modestly in premarket trading and remained near an early entry area, while investors continued to watch whether the stock could build momentum toward its higher consolidation buy point.
NVIDIA’s report also mattered because it affects the broader AI supply chain. Companies linked to chips, servers, networking, power systems, and data center construction often react to NVIDIA’s results and guidance. The latest print supported the view that enterprise and cloud AI spending remains active.
Outside of NVIDIA, earnings reactions remained mixed. Salesforce reported record fourth-quarter fiscal 2026 revenue of $11.2 billion and highlighted growth in subscription and support revenue. However, the company’s full-year outlook drew a cautious response from investors, and the stock fell in premarket trading.
Snowflake stayed under close watch as traders weighed solid operating momentum against a choppy software backdrop. The software group showed signs of stabilization in the prior session, but investors still favored selective names with stronger visibility on growth and margins.
Nutanix moved sharply higher after announcing a strategic partnership with AMD to advance an open enterprise AI platform. Under the agreement, AMD will make a $150 million equity investment in Nutanix and fund up to $100 million for joint engineering and go-to-market work.
Overall, Thursday’s trading showed a market that welcomed NVIDIA’s numbers but still demanded strong execution from other companies. Futures held steady as investors balanced AI optimism with earnings dispersion, rate sensitivity, and upcoming economic data. This mix may keep index moves narrow in the short term, even as stock-specific opportunities remain active.
