Stock market today: Dow, S&P 500, Nasdaq futures dip in countdown to Nvidia earnings

May 20, 2026 - 09:04

U.S. stock futures edged lower Tuesday evening as investors held their breath ahead of Nvidia's highly anticipated quarterly report. Dow Jones Industrial Average futures slipped about 0.1%, while S&P 500 and Nasdaq 100 futures also pointed to a modestly weaker open.

The cautious tone comes after a mixed session for the major indexes, with the Dow closing lower while the Nasdaq managed a slight gain. The market's focus now narrows sharply on Nvidia, whose earnings have become a bellwether for the entire artificial intelligence trade. The chipmaker's results could either reignite a rally or deepen recent losses if they fail to meet lofty expectations.

Traders are hoping that strong numbers from Nvidia might shift attention away from stubborn inflation data that has kept the Federal Reserve on hold. Recent reports on consumer and producer prices have dashed hopes for early rate cuts, pushing bond yields higher and pressuring stocks. The S&P 500 is coming off its first back-to-back weekly decline in over a month.

Beyond Nvidia, investors are also watching for minutes from the Fed's latest policy meeting, due Wednesday afternoon. Those minutes could offer more clues on how central bankers view the current economic picture. For now, the market remains in a holding pattern, with Nvidia's report seen as the most likely catalyst to break the recent sideways drift.