Following Nvidia’s earnings announcement, market sentiment is showing signs of stabilisation, and index futures are opening higher.

Traders are closely watching upcoming economic data releases, such as GDP figures and jobless claims, as well as tech company earnings and the potential impact of the Labor Day holiday on trading activity.

Positive earnings from Nordstrom could benefit the retail sector, while strong tech earnings could lift overall market sentiment.

The S&P 500 is currently consolidating with a bullish outlook, supported by a rising trendline and EMA.

A break above $5,630.17 could pave the way for a new all-time high, while failing to break this level might lead to a pullback towards $5,540.86.

The market is also looking forward to Powell’s confirmation of an interest rate cut, which could further influence stock futures and market sentiment.

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