Nvidia results lift US futures as Salesforce raises guidance and oil extends decline: Dow Jones, S&P, Nasdaq, Wall Street

US stock futures advanced on Thursday as strong results from Nvidia (NASDAQ:NVDA) gave fresh momentum to the artificial intelligence trade, while Salesforce (NYSE:CRM) added to the positive tone by lifting its annual outlook and expanding its partnership with Anthropic.

Oil prices moved in the opposite direction, extending their decline as investors monitored signs of diplomatic progress in the Middle East and the possibility of improved commercial transit through the Strait of Hormuz.

Wall Street futures move higher

At 02:49 ET, Dow futures were up 124 points, or 0.2%, while S&P 500 futures gained 26 points, or 0.3%. Nasdaq 100 futures rose 195 points, or 0.7%, reflecting renewed strength across technology-related assets.

The move followed a weaker close on Wednesday, when investors were balancing expectations for Nvidia’s results against fresh US inflation data.

The headline personal consumption expenditures price index for July came in slightly above forecasts, while the core reading matched expectations.

Markets continued to expect the Federal Reserve to keep interest rates unchanged at its September meeting. However, expectations for possible rate increases later in the year strengthened following a series of resilient economic indicators.

Deutsche Bank analysts pointed to a “solid slate of data,” including stronger-than-expected durable goods orders and an upward revision to second-quarter consumer spending. They said the figures were “hard to square with a view that Fed policy is restrictive.”

Investors are now looking ahead to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium on Friday. Vital Knowledge analysts said they expect Warsh to maintain his focus on controlling inflation.

Nvidia delivers stronger-than-expected growth outlook

Nvidia shares rose in extended trading after the company reported second-quarter revenue above Wall Street forecasts and issued an upbeat outlook for the current quarter.

The semiconductor group expects quarterly revenue of $108 billion, ahead of market expectations.

The longer-term guidance attracted particular attention. Chief financial officer Colette Kress said Nvidia expects fiscal 2028 revenue growth of 70%, compared with the 45% forecast indicated by FactSet data, according to the Wall Street Journal.

The update helped strengthen confidence that spending on artificial intelligence infrastructure can remain elevated, despite recent concerns about the financial burden of large-scale data-centre investment on major technology groups.

Nvidia has also been deploying capital to support customers building the infrastructure needed for AI workloads. Kress said large frontier AI laboratories could ultimately become “the largest technology companies in history.”

“Management delivered a compelling vision of how strategic investments help Nvidia secure its dominance in this once-in-a-generation AI buildout,” BofA analysts said.

BofA nevertheless highlighted memory chip inflation as a possible risk to profitability. Nvidia expects gross margin to decline to 74% in the third quarter from 75%, before falling to between 71% and 72% in the fourth quarter.

Salesforce raises full-year outlook

Salesforce added to the positive market backdrop after posting second-quarter revenue and earnings above expectations.

The enterprise software group increased its full-year sales and profit guidance, while chief executive Marc Benioff said “AI is delivering value across every layer of our platform.”

Shares climbed more than 13% in after-hours trading.

Raymond James analysts said Salesforce continues to expect growth metrics to accelerate during the second half of fiscal 2027.

“The news comes in stark contrast to other front-office software vendors that referenced extended sales cycles through 2026, and points to potential advantages for Salesforce,” the analysts said.

Salesforce also announced a deeper partnership with Anthropic to develop “Claudeforce,” which will combine Anthropic’s advanced plug-ins with Salesforce’s business software tools.

Selected pilot customers already have access to the platform, with a beta release expected next month.

Marvell Technology prepares to report

Marvell Technology (NASDAQ:MRVL) is another major technology name in focus, with the company scheduled to report earnings after Thursday’s closing bell.

Its shares have surged more than 174% so far this year, taking the company’s market capitalisation to just under $215 billion.

Marvell, which has received financial backing from Nvidia, develops custom AI chips and high-speed interconnect technologies used in data centres.

The company previously forecast that custom chip revenue could exceed $10 billion by 2029 as cloud providers increase spending on specialised AI hardware.

Oil prices fall on improving diplomatic expectations

Oil prices declined for a fourth consecutive session as markets became more optimistic that diplomatic progress could improve supply conditions in the Middle East.

Reports suggested that Iran and Oman had reached an agreement covering commercial shipping through the Strait of Hormuz, although Tehran cautioned that this would not necessarily mean an immediate reopening.

Brent crude and US West Texas Intermediate futures have both lost more than 6% this week as hopes for improved shipping flows have outweighed continuing tensions between the US and Iran.

Washington introduced tighter economic sanctions on Tehran earlier in the week and warned other countries against trading with Iran.

At the same time, reports of potential progress in US-Iran relations have helped improve sentiment. Russian state media said the two sides had reached a new ceasefire deal that could be announced in the coming days, although the claim had not been independently verified.

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