Nvidia Stock Holds Steady as Markets Brace for Earnings Shock

Global equity markets showed muted moves on Wednesday, August 27, 2025, as investors awaited Nvidia’s (NVDA) closely watched second-quarter earnings report after the closing bell.

U.S. stock index futures opened little changed, with E-minis for the S&P 500 and Nasdaq-100 flat in premarket trading, and Dow Jones futures up 0.05%, reflecting caution ahead of Nvidia’s results. Nvidia shares themselves edged up 0.5% in premarket trading, building on a modest 1% gain on Tuesday that brought the year-to-date increase to roughly 35%.

Options market activity signaled expectations for a substantial post-earnings move: traders are pricing in an implied volatility of about 6%, equating to a potential $260 billion swing in Nvidia’s market capitalization after the release.

Across the Atlantic, European equities recouped earlier losses, with the STOXX 600 semiconductor and tech sector lifting the broader index by 0.3% in morning trade as investors positioned for Nvidia’s results.

With Nvidia commanding a market value north of $4 trillion and representing nearly 8% of the S&P 500’s market-cap weighting, today’s earnings announcement is widely viewed as a barometer for the broader AI-driven rally. Market participants will scrutinize guidance around data-center growth, China sales under the new 15% export fee, and chip-shipment trends to hyperscale customers.