U.S. stock index futures posted slight gains on Wednesday as investors awaited quarterly results from AI bellwether Nvidia.

At 06:00 ET (10:00 GMT), Dow Jones Futures rose 27 points, or 0.1%, S&P 500 Futures gained 5 points, or 0.1%, and Nasdaq 100 Futures added 6 points, or 0.1%.

Major indices closed higher on Tuesday, supported by optimism ahead of Nvidia’s report. The chipmaker is viewed as a key gauge of AI progress and a broader market driver.

This week marks the final stretch of August trading—a month typically volatile for equities. Still, the three major U.S. indexes are on track for monthly gains: the S&P 500 up 2%, the Dow Jones Industrial Average ahead 2.9%, and the Nasdaq Composite higher by 2%.

Nvidia earnings in focus

Nvidia will release fiscal second-quarter results after the market close, with expectations running high.

While tech stocks have cooled in recent weeks after driving much of this year’s rally, Nvidia’s report is set to shape near-term risk sentiment as investors assess whether lofty AI valuations remain justified.

The company is projected to post a 53% jump in second-quarter revenue to $46 billion, according to LSEG data. However, this growth would fall short of the triple-digit surges seen in prior quarters, raising questions about whether it will be enough to satisfy investors.

Guidance will also be key, particularly given uncertainty over Nvidia’s China operations as U.S.-China tensions on tariffs and chip restrictions continue to evolve.

Fed independence in spotlight

Markets are also monitoring political developments after the U.S. President Donald Trump moved to oust Fed Governor Lisa Cook, accusing her of mortgage fraud. Cook denied the claims and pledged legal action to defend her position, which runs until 2038.

The attempt has raised concerns over the Federal Reserve’s independence, with Trump and his allies pressing for immediate rate cuts despite the central bank’s cautious stance amid ongoing inflation and labor market risks.

Historically, the Fed has operated with limited political interference, and any perceived erosion of its autonomy could weigh on long-term confidence in the U.S. economy.

Canada Goose to go private?

Beyond Nvidia, investors are digesting results from MongoDB (MDB), PVH (PVH), Okta (OKTA), and Kohl’s (KSS), all released after Tuesday’s close.

Canada Goose (GOOS) also drew attention after CNBC reported that majority owner Bain Capital had received offers to take the luxury outerwear company private in a deal valued at roughly $1.4 billion.

Crude steadies after losses

Oil prices stabilized following sharp declines in the previous session, as traders weighed the impact of fresh U.S. tariffs on India, the world’s third-largest crude consumer.

At 06:00 ET, Brent crude futures slipped 0.1% to $66.61 a barrel, while U.S. West Texas Intermediate futures edged 0.1% lower to $63.19.

Both benchmarks tumbled more than 2% on Tuesday after starting the week at two-week highs.