Stock Market Today: Stocks edge higher as markets move past Nvidia

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U.S. equity futures bumped higher Thursday, paired with a modest pullback in Treasury bond yields, as investors cleared the end-of-summer hurdle of Nvidia earnings and looked to growth and inflation data to consolidate the market’s August rally.

Nvidia’s  (NVDA)  highly-anticipated July-quarter earnings report included record data center revenues, a solid near-term demand outlook and solid profit margins, but hints to delays for its new Blackline processors and slowing overall revenue growth rates clipped the stock in after-hours trading.

The broader market optimism in the AI investment story, however, remains largely unchanged, and should support markets heading into the final trading days of the summer and next week’s Labor Day holiday.

Related: Nvidia earnings top forecast, but Blackwell delay signal hits stock

Focus in today’s session is now likely to shift to the Federal Reserve’s rate path, which is inexorably tied to the pace of inflation pressures and a cooling labor market heading into the central bank’s September policy meeting in Washington.

Traders have locked-in around 100 basis points of rate cuts between now and the end of the year, and put the odds of a 50 basis point cut next month at around 36.5%, according to data from the CME Group’s FedWatch.