Futures Flat Despite Blowout Nvidia Earnings

zerohedge.com · Feb 26, 2026 · Collected from GDELT

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US equity futures managed to erase overnight losses and were trading flat after Nvidia and Salesforce failed to assuage fears about an overheated AI economy while traders awaited color from today's round of US / Iran talks. As of 8:00am S&P futures were unchanged and nasdaq futures were down 0.1%, with NVDA up 1% premarket but well off overnight highs after its earnings report and guidance smashed expectations while CEO Jensen Huang talked about “exponentially” growing computing demand and “skyrocketing” adoption of AI agents. It wasn’t enough, especially as software companies Salesforce and Snowflake both provided lukewarm sales guidance to an already-nervous market. “Aside from fireworks, champagne and dancing robots, we are not quite sure what more Nvidia could have done on the 4Q call to get the market re-excited,” said Jim Fontanelli, co-founder of Arete Research. Discretionary, Financials, and Industrials are outperforming with notable weakness in Energy and Materials. In premarket trading, Mag7 names were mostly weaker ex-NVDA though, as JPM says, bulls should not panic as we await Long Only demand once the market opens. AI-related plays are higher pre-mkt. Bond yields are flat, the USD is flat; in commodities lithium prices surged after Zimbabwe, one of the world’s top producers, suspended concentrate exports. Brent crude edged lower as nuclear talks take place between the US and Iran while silver stalled as it reached nearly $90/oz. Today’s macro data focus is on jobless claims, KC Fed, and several Fed speakers. In premarket trading Nvidia Corp. (NVDA) rises 1.3% after its latest sales forecast drew a muted response from investors. Other Magnificent Seven stocks are mixed (Amazon -0.1%, Apple -0.04%, Microsoft -0.06%, Alphabet -0.06%, Tesla -0.6%, Meta -0.6%)Array (ARRY) drops 22% after the renewable energy company’s 2026 adjusted Ebitda guidance missed the average analyst estimate.C3.ai (AI) slumps 25% after the AI company cut its revenue guidance for the full year, missing the average analyst estimate.Celsius Holdings (CELH) rises 12% after posting sales which more than doubled from a year earlier following its acquisition of Alani Nu, allaying concerns that a change in distribution channels would disrupt sales.FTAI Aviation (FTAI) falls 4% after the aerospace company reported total revenue for the fourth quarter that missed the average analyst estimate.GoodRx Holdings (GDRX) falls 15% after the health-care platform forecast revenue for 2026 that fell short of Wall Street’s expectations. It also gave an estimate for the lower bound of 2026 Ebitda that would be below expectations. Multiple analysts said they were surprised by the scale of margin deterioration implied by the profit outlook.IonQ (IONQ) rises 13% after the quantum computing company reported fourth-quarter results that beat expectations.Janus Henderson Group (JHG) climbs 6% after Victory Capital offered to acquire the company for $57.04 per share.Krispy Kreme Inc. (DNUT) climbs 15% as the company expects leverage to decline further this year as it advances its turnaround plan following the end of its US partnership with McDonald’s Corp.Nubank (NU) slips 2% after the lender reported higher costs and provisions that analysts say offset net income increase in the fourth quarter.Nutanix (NTNX) rises 18% after Advanced Micro Devices said it will buy $150 million in the software company’s stock as part of a new partnership. The news was seen as overshadowing a reduced full-year forecast.Papa John’s (PZZA) falls 5% after the pizza chain reported weaker-than-expected sales results, which reflect a “weak consumer backdrop and elevated promotional environment.”PROCEPT BioRobotics (PRCT) sinks 24% after the medical equipment maker forecast revenue for 2026 that fell short of Wall Street’s expectations. The firm also posted results for the fourth quarter that Leerink Partners called a “painful miss.”Salesforce Inc. (CRM) falls 3% after the company gave a lukewarm outlook for sales growth in the new fiscal year, fueling investors’ worries that the software giant will lose out to new competitors in the age of AI.Synopsys (SNPS) falls 3% after the electronic design automation software company’s Design IP revenue came in below expectations. The company also forecast weaker-than-expected free cash flow for the full-year.Trade Desk (TTD) declines 14% after the advertising technology company gave a first-quarter forecast that was weaker than expected. The report is adding to concerns about competition from Amazon and AI-related disruption.In corporate news, Apollo and BNP Paribas are said to be nearing a deal to partner up in Europe’s private credit market. Apple is in discussions with key Indian banks and global card networks in preparation to start Apple Pay in the world’s most populous country. American Airlines will invest $1 billion in a concourse expansion at Miami International Airport to bolster its position at its top international gateway.Despite Nvidia's estimate-busting guidance, and CEO Jensen Huang talking about “exponentially” growing computing demand and “skyrocketing” adoption of AI agents, it wasn’t enough, especially as software companies Salesforce and Snowflake both provided lukewarm sales guidance to an already-nervous market. Yet there is one group of winners: memory chipmakers Samsung and SK Hynix jumped in Asian trading. A huge jump in supply-related commitments by Nvidia “likely reflects a deliberate effort by Nvidia to tie up valuable components,” according to Vital Knowledge analyst Adam Crisafulli. Nvidia’s shares “not doing much was quite instructive, especially within the context of one of the other companies that reported — Salesforce,” said Gary Paulin, chief investment strategist at Northern Trust Asset Management. “The concern is that the more success Nvidia has, the more concern there is in the market that there is more disruption.”For Mohit Kumar, chief strategist for Europe at Jefferies, markets are being “too sanguine” about risks of a limited strike by the US on Iran and an increase in short-term tensions. While a long-drawn war is unlikely, the issue could weigh on markets over the coming days.“We have reduced our risk profile into the weekend,” Kumar wrote. “Our medium-term view remains bullish and we would be looking to add at better levels.”Private credit continues to be rattled by the software selloff, with Marathon AM Chairman Bruce Richards saying the asset class is way too exposed to the sector, though he sees little risk of contagion to the wider market. The Fed’s Bowman, meanwhile, said banks need “flexibility” to compete with non-bank financial institutions, which continue to increase their share of the total lending market.In tariffs, the US vowed to maintain high duties on China hours after Beijing warned against any future hikes. Canadian PM Mark Carney’s visit to India this week will cement a diplomatic reset and unlock a wave of new trade opportunities, including in nuclear power, oil and critical minerals, India’s top diplomat to Canada said.In earnings, out of the 453 S&P 500 companies that have reported so far in the earnings season, 74% have managed to beat analyst forecasts, while 21% have missed. Royal Bank of Canada, Vistra and Warner Bros. Discovery are among companies expected to report results before the market open. Bloomberg Intelligence expect to see continuing wealth growth and sustained profitability in capital markets at RBC, offsetting muted personal and commercial loan growth. Earnings from Dell, Intuit and Monster Beverage follow later.In Europe, the Stoxx 600 inches higher and is on course for a record close. Financial services stocks outperform while miners and construction shares lag. Here are the biggest movers ThursdayRolls-Royce shares rise as much as 8.4%, hitting a record high, after the UK-based engine maker said it was planning a major share buyback and raised its mid-term earnings targetsEngie shares rose as much as 7.6% after it agreed to buy the UK’s largest power-distribution network for £10.5 billion ($14.2 billion) from Hong Kong billionaire Victor Li’s CK GroupIndra shares soar as much as 20%, to its highest intraday level on record, after the Spanish defense company’s fourth-quarter results “beat across the board,” according to Morgan StanleyHowden Joinery shares surge as much as 11%, the most since July, on what Panmure Liberum analysts call “impressive” full-year results by the kitchen seller that beat the average analyst estimate for profitPuma gains as much as 9.1% after the German sporting goods and apparel retailer posted results that showed early signs of a long-awaited recovery, particularly driven by a strong performance in its Asian marketSyensqo fell by a record after the chemicals maker reported fourth-quarter earnings that missed estimates with an outlook for this year that points to more strugglesHikma Pharmaceuticals sinks as much as 18%, the most since February 2016, after the drugmaker’s 2026 core operating profit guidance came in below expectationsFreenet drops as much as 12%, most since May, after its fourth-quarter results missed expectations. Citi said this can be attributed to impact from a single mobile network operator agreement in which the firm fell short of a gross profit commitmentScout24 drops as much as 7.8% amid disappointment over a lack of earnings upgrades as fears of AI-driven displacement continue to weighAsian stocks extended gains to a fourth-straight day as South Korean chipmakers extended their rally, offsetting investor caution in the wake of Nvidia’s results. The MSCI Asia Pacific Index climbed as much as 1.1%, on course to close at another record, with Samsung and SK Hynix among the biggest boosts. South Korea’s Kospi index jumped as much as 3.8% closing at an all-time high, buoyed by the chip heavyweights. Japan’s Topix and Australia’s S&P/ASX 200 also climbed, while benchmarks fell in Hong Kong and Singapore. Nvidia’s r