Investing.com -- U.S. stock futures edged lower Wednesday, with investors displaying a degree of caution ahead of eagerly-awaited results from chipmaker Nvidia.
Here are some of the biggest premarket U.S. stock movers today
Nvidia Earnings in Focus
Nvidia (NASDAQ:NVDA) edged 0.2% higher ahead of the release of the latest quarterly results from the semiconductor after the close, with a year-over-year doubling of revenue in the second quarter. Investors are closely watching Nvidia's performance, as the company is a bellwether for the semiconductor industry and its financial results are often seen as a proxy for the broader tech sector.
Retail Roundup: Kohl's Surges, Abercrombie & Fitch & PVH Slide
The retail sector was a mixed bag in pre-market trading.
Kohl's Beats Estimates, Raises Outlook
Kohl’s (NYSE:KSS) stock rose 4% after the department store raised its annual profit forecast after beating estimates for second-quarter earnings, helped by a tight leash on costs and leaner inventories. Kohl's has been making strides in recent months, focusing on its private label brands, strengthening its loyalty program, and expanding its omnichannel presence. These efforts are paying off, as Kohl's is increasingly appealing to value-conscious consumers.
Chewy's Strong Quarter Boosts Stock
Chewy (NYSE:CHWY) stock rose 2.8% after the online retailer of pet products reported strong second-quarter earnings, exceeding expectations. The company benefited from robust demand for pet products, fueled by the ongoing trend of pet ownership.
Abercrombie & Fitch CEO Warns of Uncertainty
Abercrombie & Fitch (NYSE:ANF) stock fell 10% after the clothes retailer’s CEO Fran Horowitz warned of an “increasingly uncertain environment” as macro conditions worsened, even after the company lifted its forecast for annual sales. The company's stock decline suggests that investors are wary of the economic outlook, even as Abercrombie & Fitch is performing well.
PVH Sales Drop, Stock Plummets
PVH (NYSE:PVH) stock fell 8.6% after the clothing giant, which owns brands like Calvin Klein and Tommy Hilfiger, reported a drop in second-quarter sales. The decline in sales was attributed to weakness in the European market, where the company is facing headwinds from rising inflation and consumer spending cuts.
Other Notable Movers
- Nordstrom (NYSE:JWN) stock gained 1.4% after the retailer beat earnings expectations in the second quarter, helped by its crucial Anniversary Sale event.
- Ambarella (NASDAQ:AMBA) stock jumped 19% after the semiconductor developer unveiled upbeat revenue guidance in the third quarter.
- Bath & Body Works (NYSE:BBWI) stock fell 5% after the retail store chain cut its annual sales forecast, a sign of weaker demand for its pricey products such as fragrances and scented candles in the face of still-high inflation.
- Apple (NASDAQ:AAPL) stock rose 0.1% after Bloomberg reported that the tech giant has cut about 100 jobs in its digital services group amid shifting priorities in the company.
The Bottom Line
The stock market is currently experiencing a period of uncertainty, as investors grapple with a range of economic and geopolitical challenges. Despite this, there are still pockets of strength in the market. Nvidia's earnings report will be closely watched, as it could provide insights into the health of the semiconductor industry and the broader tech sector. Retailers are also facing a mixed outlook, with some companies outperforming expectations while others are struggling. As the market continues to navigate these challenges, investors will need to remain vigilant and carefully consider their investment strategies.
