Futures flat ahead of Nvidia earnings as Brent crude drops below $90

US Indices and Nvidia Earnings

• Sluggish US futures: Nasdaq 100 (-0.1%) and S&P 500 futures (flat) reflect trader caution ahead of key corporate and macroeconomic catalysts.
• Nvidia earnings tonight: The AI chipmaker reports Q2 fiscal 2027 results after the market close. Consensus estimates stand at $93.5 billion in revenue and $2.08–$2.13 EPS, above management's guidance of $91 billion (±2%).
• Technical bounce: Nvidia shares rose +2.19% on Tuesday to close at $208.48, snapping a 7-session losing streak (-7%). Investors are closely watching H200 chip delivery dynamics in China.

Energy and Geopolitics

• Brent drops below $90: Crude prices pulled back following reports of potential diplomatic progress on a US-Iran ceasefire agreement.
• Hormuz Strait traffic remains depressed: Transits remain severely restricted, with only 5 tankers reported on Tuesday versus a 10-day average of 15. To bypass the strait, Saudi Aramco increased off-strait cargo offerings from Fujairah and Sohar.
• Security diplomacy: The CIA director met with Russian intelligence officials in Moscow to discuss security matters.

Europe and Fiscal Policy

• Defense funding: Italy requested €8 billion from the EU's €150 billion SAFE defense facility to boost military capacity.
• Czech fiscal rules: The Czech Parliament approved legislation easing national budget deficit rules to exclude major infrastructure and defense outlays.

What to watch today

• Corporate earnings: Nvidia Q2 earnings release after the US market close.
• Macroeconomics: Pending publication of US PCE inflation data.