Stock market today: S&P 500, Nasdaq futures recover in countdown to Nvidia earnings, Fed Jackson Hole summit

Stock Market Today: S&P 500 and Nasdaq Futures Edge Higher Ahead of Nvidia Earnings and Jackson Hole Symposium

US stock futures moved higher on Tuesday as investors assessed separate developments involving tariffs on Canadian goods and sanctions on Iran, along with Nvidia earnings scheduled later in the week and the upcoming Jackson Hole economic symposium. Futures on the Dow Jones Industrial Average rose 0.3 percent, while S&P 500 futures gained 0.3 percent. Nasdaq-100 futures increased 0.7 percent after declining the previous session.

Asian equity markets declined after the Treasury Department announced sanctions targeting Iran and after Nvidia shares posted a seventh consecutive daily loss. Bitcoin rose above $80,000 for the first time in three months following Treasury actions in the bond market. Gold prices, which had increased in prior sessions, were little changed on Tuesday.

Scheduled economic releases on Tuesday include ADP weekly employment data, the Philadelphia Fed non-manufacturing activity index, the FHFA house price index, the Richmond Fed manufacturing and business conditions indexes, new home sales, and the Conference Board consumer confidence report. A personal consumption expenditures inflation reading is set for Wednesday. These figures precede the Federal Reserve’s Jackson Hole Symposium, where Chair Kevin Warsh is scheduled to speak.

Intuit and Zoom Communications are set to report quarterly results on Tuesday. Dick’s Sporting Goods shares fell 14 percent in premarket trading after the company reported second-quarter results below analyst expectations and reduced its full-year guidance.

Dick’s Sporting Goods posted adjusted earnings per share of $3.53 on revenue of $5.58 billion, compared with Wall Street forecasts of $3.76 in earnings on $5.64 billion in revenue. The company lowered its full-year diluted earnings per share outlook to a range of $10.94 to $11.94 from the prior range of $13.27 to $14.27. Net sales guidance for 2026 was revised to $21.9 billion to $22.2 billion from the earlier $22.1 billion to $22.4 billion range. Same-store sales guidance for the Dick’s business was maintained at 2.5 percent to 4.0 percent growth, while the Foot Locker outlook was adjusted to a range of negative 2.0 percent to 0.0 percent. Comparable sales growth in the most recent quarter was 2.1 percent, down from 2.5 percent a year earlier.

Software shares have outperformed chip stocks by a wide margin since late June. The equal-weighted SPDR S&P Software & Services ETF has risen approximately 24 percent since chip stocks peaked on June 22, while the equal-weighted SPDR S&P Semiconductor ETF has declined about 24 percent over the same period. The nearly 50-percentage-point gap is the largest recorded in the history of the two ETFs dating to 2011.

US tariffs on a range of Canadian goods, including furniture, dairy products, electrical items, and plywood, took effect after trade talks between the two countries broke down over the weekend. Crude oil was excluded from the tariff list. The United States accounts for 90 percent of Canada’s crude exports, valued at roughly 126 billion Canadian dollars in 2025 out of total crude exports of 140 billion Canadian dollars. Canada supplied 63 percent of US crude imports in the same year. The figures reflect long-standing integration between Alberta production and US refining capacity.

Oil prices recovered some ground on Tuesday after declining more than 2 percent in the prior session. Brent crude futures rose 0.3 percent to $92.44 a barrel, while West Texas Intermediate crude increased 0.4 percent to $85.38 a barrel. Both benchmarks settled lower on Monday. ING commodity strategists noted that market participants appeared to view the latest US sanctions on Iran as having limited immediate effect on global supply balances.

Additional items on the earnings calendar include Bank of Montreal. Overnight developments included reports that Nvidia’s valuation metrics appear lower than recent peaks ahead of its earnings release, that Oura is considering a September initial public offering that could value the company above $16 billion, pressure on Asian equities following US technology share declines, SEC subpoenas to Wall Street banks concerning Situational Awareness, and a proposed $100,000 H-1B visa fee under consideration by the administration.

The article contains 1,148 words.