Spx stock futures are modestly higher at 5,119

SPX stock futures are modestly higher at 5,119.50 in early European trade, supported by easing geopolitical tensions. Traders highlight that upcoming PMI readings could influence sector leadership shifts. Celsius Holdings (CELH) is up more than +2% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $70. Stock futures erased a more than 0.5% decline as stock bros were feeling positive despite Nvidia slipping more than 3% in red paint. 📈 Futures Bounce Back After Nvidia-Fueled Jitter S&P 500 futures reversed a 0.5% premarket drop to trade slightly positive Thursday, pointing toward a flat-to-green open. Nasdaq and Dow futures followed a similar path, recovering after Nvidia’s post-earnings drag. Nvidia NVDA , which makes up about 8% of the S&P 500 where $55 trillion is packed, fell 3% after-hours despite crushing estimates. Sky-high expectations left little room for upside surprises — the data center segment lagged behind consensus. That weakness bled into AMD AMD , and Broadcom AVGO , each down about 1%. Investors are digesting the AI king’s results within the broader market context — Nvidia’s performance is increasingly seen as a bellwether for S&P 500 momentum, especially with valuations stretched after months of relentless gains. 💡 Record Close and a Market That Wants More On Wednesday, the S&P 500 and the Nasdaq Composite each added roughly 0.2%, with the S&P clinching a fresh record close. The Dow Jones Industrial Average gained 0.3% as investors apparently preferred to hold real-economy stocks instead of risky growth bets. Month-to-date, the broad-based S&P 500 and the tech-heavy Nasdaq are up over 2% each, while the Dow has climbed 3%, setting up August as another strong leg in the 2025 rally. Value stocks are… back? The paradox? Investors are demanding perfection. Nvidia’s beat wasn’t enough, showing just how crowded and sensitive the AI trade has become as the stock market pushes further into record territory. ⚠️ Fed Independence Drama, But Wall Street Rolls On Markets are also brushing off fresh political noise after President Trump attempted to fire Fed Governor Lisa Cook earlier this week. Cook said the move is “unlawful” and intends to challenge it in court, setting up a potential showdown over central bank independence. Traders largely shrugged off the headlines, betting the Fed’s policy path won’t change too much ahead of Friday’s PCE inflation data and September’s rate-cut decision. CME FedWatch pricing still shows an 84% chance of a cut next month. With Powell’s Jackson Hole remarks behind us and rate-cut odds surging, investors remain laser-focused on what comes next — with Nvidia’s blockbuster quarter now setting the tone for AI, semiconductors, and broader risk appetite heading into September. SPX stock futures dipped to 5,102 despite strong housing permit data, as profit-taking set in among high-beta tech names. Analysts expect consolidation before the next move higher.