U.S. stock futures are slightly lower Wednesday morning as investors prepare for two major market catalysts: July PCE inflation data and Nvidia’s earnings after the market close. Traders are also watching GDP, Durable Goods, Treasury yields, oil prices and Federal Reserve policy expectations. 📊 U.S. Market Snapshot Dow Futures: ~+0.02% S&P 500 Futures: ~-0.10% Nasdaq 100 Futures: ~-0.24% 10-Year Treasury Yield: ~4.65% VIX: ~15.6 Brent Crude: ~$85 Gold: ~$4,674 Bitcoin: ~$78,468 Dollar Index: ~95.44 🔥 Major Market Catalysts 🤖 #NVDA — Nvidia Earnings Nvidia reports earnings Wednesday after the market close, making it the biggest corporate catalyst for the U.S. stock market today. Investors will focus on AI demand, data-center revenue, Blackwell and next-generation platform demand, margins, China exposure and forward guidance. Nvidia’s results could have a significant impact on the broader AI stocks, semiconductor stocks and Nasdaq, including #AMD, #AVGO, #MU and #TSM. 📊 PCE Inflation — Key Fed Indicator The July Personal Consumption Expenditures (PCE) inflation report is due at 8:30 AM ET. Economists expect headline PCE inflation around 3.6% YoY, while core PCE is expected near 3.3%. A hotter-than-expected inflation reading could push Treasury yields higher and pressure technology and other growth stocks. A softer reading could support expectations for easier Federal Reserve policy. 📈 GDP & Economic Data Several important U.S. economic reports are also scheduled for 8:30 AM ET, including: GDP Durable Goods Orders Personal Income & Outlays Corporate Profits Retail Inventories Wholesale Inventories The data will provide investors with fresh insight into U.S. economic growth, consumer spending and business activity. 🛢️ Oil Prices Brent crude has fallen sharply this week and is trading around $85 per barrel. Markets continue to assess developments in the Middle East and their potential impact on global oil supply. Lower oil prices could reduce near-term inflation pressure, while any renewed geopolitical escalation could quickly reverse the move. 💵 Treasury Yields & Federal Reserve The 10-year Treasury yield remains around 4.65%, keeping borrowing costs and rate-sensitive technology stocks in focus. Investors are also watching upcoming Federal Reserve commentary and Jackson Hole, particularly for signals about the future path of interest rates. 📅 Today's Key Economic Events 07:00 AM ET — MBA Mortgage Applications 08:30 AM ET — GDP / Durable Goods Orders / Personal Income & Outlays / Corporate Profits 10:30 AM ET — EIA Petroleum Status Report 11:00 AM ET — Survey of Business Uncertainty 11:30 AM ET — 4-Month Bill Auction / 2-Year FRN Note Auction 11:45 AM ET — Thomas Barkin Speaks 01:00 PM ET — 5-Year Treasury Note Auction 📅 What's Ahead Wednesday: #NVDA earnings + GDP + Durable Goods + Personal Income & Outlays + PCE inflation Thursday: Jobless Claims + Trade data + Jackson Hole Friday: Fed Chair Kevin Warsh speaks at Jackson Hole 🎯 Market Theme Nvidia earnings + PCE inflation + GDP + AI stocks + semiconductor stocks + Treasury yields + Federal Reserve policy + oil prices + Bitcoin The PCE inflation report could set the tone for interest rates and the morning trading session, while Nvidia’s earnings and forward guidance could determine the direction of the AI and semiconductor trade after the close. Investors will be watching closely for whether #NVDA can sustain the AI rally and support the broader Nasdaq, while inflation and Treasury yields remain key factors for high-growth stocks.