U.S. stock futures remain flat as investors prepare for critical July inflation data and a highly anticipated second-quarter earnings report from semiconductor giant Nvidia after the market closes.

Key Points

• S&P 500 futures dipped 0.1% and Nasdaq 100 futures fell 0.2% ahead of Wednesday's trading session.
• The Bureau of Economic Analysis will release the July personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, at 8:30 a.m. ET.
• Analysts expect Nvidia to report $2.09 per share in earnings on $92.28 billion in revenue following its rise to a $5 trillion valuation.
• Salesforce and CrowdStrike are also scheduled to release their quarterly financial results after the closing bell.
• Brent crude oil prices dropped to $85.10 per barrel, marking a decline of more than 9% over the past week.

Why it Matters

Nvidia’s earnings report serves as a critical bellwether for the broader equity market due to the company's massive influence on the S&P 500. Combined with the latest inflation data, these results will likely dictate investor sentiment regarding the Federal Reserve's future interest rate policy and the sustainability of the current market rally.