New York, May 21, 2026, 06:03 EDT
U.S. stock index futures edged higher early Thursday, with Nvidia’s strong earnings failing to deliver a big premarket lift but keeping the artificial-intelligence trade at the center of Wall Street’s open.
Dow futures were up 111 points, or 0.22%, at 50,205 at 5:39 a.m. EDT, while S&P 500 futures rose 0.10% to 7,459 and Nasdaq 100 futures gained 0.05% to 29,405.75, according to 10-minute delayed futures data. Futures are contracts that let traders bet on where an index may open before regular stock trading begins.
The cash market is set for a regular session, with the NYSE’s core trading running from 9:30 a.m. to 4 p.m. ET. Thursday is not listed as a 2026 NYSE holiday; the next market holiday is Memorial Day on Monday, May 25.
The setup matters because Wednesday’s rebound was driven by the same trade now being tested again: megacap technology and chip stocks. The Dow rose 1.31%, the S&P 500 gained 1.08% and the Nasdaq Composite added 1.55% on Wednesday, helped by a 4.5% rally in the Philadelphia semiconductor index before Nvidia’s results.
Nvidia reported record quarterly revenue of $81.6 billion, up 85% from a year earlier, and data-center revenue of $75.2 billion, up 92%. The company also approved an additional $80 billion share buyback — a plan to repurchase its own stock — and lifted its quarterly dividend to 25 cents from 1 cent.
Chief Executive Jensen Huang said the buildout of “AI factories” was accelerating and that “agentic AI has arrived,” language aimed at reassuring investors that demand is broadening beyond the first wave of model training. Nvidia forecast second-quarter revenue of $91 billion, above LSEG-compiled estimates cited by Reuters. NVIDIA Newsroom
The stock reaction was still muted. Reuters reported Nvidia shares slipped in premarket trading, and Dan Coatsworth, head of markets at AJ Bell, said: “Investors want the world from Nvidia.” Jacob Bourne at eMarketer called the report “another beat” but said much of that was already priced in. Reuters
That is the rub for the broader market. Nvidia remains a key gauge of AI spending, but investors are also watching whether rivals and large customers such as Alphabet, Amazon and AMD can chip away at its economics through custom or competing processors.
Rates stayed in view. The U.S. 10-year Treasury yield, the bond-market return that helps set borrowing costs, was around 4.58%, near levels that have recently pressured stocks. Reuters said minutes from the Federal Reserve’s last meeting showed more officials wanted to prepare the ground for a possible rate increase, not a cut.
Oil was another swing factor after this week’s sharp moves tied to U.S.-Iran talks. Brent and U.S. crude were lower in early market data, but traders remained alert to headlines from the Middle East, where peace signals have come with tougher language. “Conviction is lower this time,” Francesco Pesole, currency strategist at ING, told Reuters. Investing.com
Retail will give the next read on the consumer. Walmart is due to release first-quarter results at 6 a.m. CDT and hold a call at 7 a.m. CDT, with Chief Executive John Furner and finance chief John David Rainey hosting the discussion.
Economic data will also land before and after the opening bell, including weekly jobless claims, housing starts, building permits and flash S&P Global purchasing managers’ indexes. A purchasing managers’ index, or PMI, is a survey-based reading of business activity.
But the risk paragraph is not hard to find. If Nvidia’s early weakness deepens, oil turns higher on a setback in Iran talks, or yields push back toward this week’s highs, the futures gain could fade quickly. A soft Walmart update would add another worry: that higher fuel costs and still-tight borrowing conditions are starting to bite consumers just as stock valuations lean again on AI.
