NEW YORK, August 24, 2026, 09:12 EDT
- At 07:28 EDT, Dow E-mini futures dropped 128 points, a decline of 0.24%.
- Nasdaq 100 futures fell 0.68%, almost triple the percentage decline seen in the Dow.
- Nvidia is set to report on Wednesday, with 10-year Treasury yields hovering close to 4.7%.
- July PCE inflation figures and updated second-quarter GDP data are due ahead of the market open on Wednesday.
U.S. stock index futures retreated on Monday, with tech stocks easing ahead of a busy stretch of earnings and major economic data. Dow E-minis declined by 128 points, or 0.24%, as of 07:28 EDT.
The magnitude of the move was limited, but its makeup was more significant. Nasdaq 100 futures dropped by nearly three times as much, indicating investors were scaling back technology exposure rather than exiting equities as a whole.
| U.S. futures contract | Move at 07:28 EDT | Points | Read-through |
|---|---|---|---|
| Dow E-mini | -0.24% | -128.00 | Widespread blue-chip restraint |
| S&P 500 E-mini | -0.28% | -21.25 | Signs of cautious sentiment |
| Nasdaq 100 E-mini | -0.68% | -200.75 | Initiative from tech selling |
The Google trend “dow futures” shows a similar divide. Investors are considering technology results, trade tariff news and macroeconomic indicators. If the cash market opens lower, it would continue last week’s downturn, while the futures spread indicates pressure focused in certain areas.
CME Group Inc. NASDAQ:CME lists E-mini Dow futures with the symbol YM. The contract assigns a value of $5 to every index point, so a 128-point change ahead of the open represents $640 per contract.
| Cash benchmark | Week ended Aug. 21 | Friday close | Winning-streak status |
|---|---|---|---|
| Dow Jones Industrial Average | -0.85% | 53,277.01 | Second straight weekly decline |
| S&P 500 | -1.43% | 7,674.37 | Three-week run snapped |
| Nasdaq Composite | -2.05% | 26,180.46 | Three-week run snapped |
| Russell 2000 | -1.65% | Not cited | Sharpest weekly loss since early June |
Technology bore the steepest losses, with the Nasdaq falling 2.05% last week, compared to a 0.85% decline for the Dow. The resulting 1.20-point difference has made futures markets especially responsive to a single company.
Nvidia Corporation NASDAQ:NVDA is set to announce its fiscal second-quarter results on Wednesday. The results will be released at approximately 16:20 EDT, followed by a conference call starting at 17:00 EDT.
| Analyst | Firm | Recommendation | Price target | Action on Aug. 24 |
|---|---|---|---|---|
| Harlan Sur | J.P. Morgan | Buy | $280 | Reiterated |
| John Vinh | KeyBanc | Buy | $330 | Unchanged |
| C.J. Muse | Cantor Fitzgerald | Buy | $350 | Unchanged |
| Kevin Cassidy | Rosenblatt Securities | Buy | $325 | Unchanged |
| Vijay Rakesh | Mizuho Securities | Buy | Not listed | Reiterated |
Wall Street sentiment stays positive. Of 62 analysts, the consensus is Strong Buy, and the average price target is $304.73. However, Swissquote’s Ipek Ozkardeskaya cautioned that “stellar results may not guarantee a positive reaction.” Expectations are already elevated. Reuters
Analysts project Nvidia’s quarterly revenue to near $92 billion, nearly twice what it was a year ago. This report serves as a gauge for both AI demand and the company’s ability to fund growth. Even if Nvidia delivers a solid earnings beat, a lack of raised guidance might not halt the broader tech selloff.
| Market test | Date and time | Current benchmark | Investor question |
|---|---|---|---|
| July PCE and second-quarter GDP revision | Aug. 26, 08:30 EDT | Core inflation estimate around 3.3% | Are expectations for higher rates increasing? |
| Nvidia fiscal second quarter | Aug. 26, about 16:20 EDT | Projected revenue roughly $92 billion | Will AI demand match strong forecasts? |
| Jackson Hole symposium | Aug. 27–29 | 10-year Treasury yield at 4.7% | Can policy signals ease duration concerns? |
| Fed Chair Kevin Warsh remarks | Aug. 28 | One rate increase in 2026 fully factored in | Will the Fed confirm current market bets? |
The macro picture takes precedence. On Wednesday at 08:30 EDT, the Bureau of Economic Analysis publishes July personal income and outlays data as well as an updated second-quarter GDP reading. The initial GDP estimate indicated 1.5% annualized growth.
Interest rates continue to act as the mechanism for transmission. On Monday, the 10-year Treasury yield hovered close to 4.72%, following a move to 4.73% on Friday. As long yields increase, discount rates rise, causing the current value of future technology sector profits to decline.
A supportive factor remains. UBS Group AG NYSE:UBS maintained its “attractive” rating on U.S. equities and lifted its S&P 500 target for year-end to 8,100, suggesting roughly 6% potential gains from Thursday’s close. Reuters
Risks: Futures may shift direction rapidly after the cash open. Premarket indicators could be offset by Iran sanctions, U.S.-Canada tariffs, inflation data, or Nvidia guidance moving the market either way.
The main point for investors is specific but relevant. Dow futures indicate a cautious mood rather than a full retreat. The broader fall in the Nasdaq suggests that this week’s outcome depends on AI earnings and capital costs.
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