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US stock futures (ES=F, NQ=F, YM=F) are mixed Wednesday morning as Wall Street awaits Nvidia's (NVDA) first quarter earnings release to come after today's market close. Catch Yahoo Finance's coverage of how the chip stock historically reacts to earnings and the areas that mattered the most for the semiconductor giant.
Department store Macy's (M) came out on top this quarter, edging past Wall Street revenue and earnings estimates. Sports retailer Dick's Sporting Goods (DKS) also sees a stock boost in Wednesday's pre-market trading after maintaining its profit forecast amid its deal to acquire Foot Locker (FL).
Elon Musk's SpaceX faces a new setback after its Starship rocket lost control in its latest test flight on Tuesday, May 27.
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Let's get to the three things that you need to know today.
First up, US stock futures little changed this morning as investors eagerly await Nvidia results out after the bell. The AI chip giant marks the final stock of the magnificent 7 cohort to report its earnings. Investors will be closely watching sales of its Blackwell chips, which faced manufacturing issues in the fourth quarter, as well as profit margins. As Nvidia said the cost of ramping up its Blackwell production could weigh on gross margins. Shares of the world's most valuable chip maker have soared over 40% since its April lows, but are less than a percent up on the year.
Plus retail earnings front and center this morning as well. Macy's posting better than expected quarterly results. As the department store strategy of focusing on its best performing locations is showing signs of paying off. While the company did cut its profit outlook for the year, it's maintaining its sales guidance. Meanwhile, Dick's Sporting Goods maintaining its sales and profit forecast for the year. As the company prepares to acquire Foot Locker for $2.4 billion.
And Elon Musk's SpaceX facing a setback in the latest test flight for Starship vehicle. The company lost control of the vessel and was unable to deploy its satellite monitors. This comes after the previous two Starship test missions ended with explosions. In a post on X, the company said the spacecraft came apart. Musk said on X after the flight ended that leaks caused the spacecraft's main tank to lose pressure. He said there was a lot of good data that SpaceX will continue to review.