U.S. stock futures are edging lower Tuesday morning as investors brace for a dense earnings calendar headlined by Home Depot before the open and Nvidia's highly anticipated report tomorrow after the bell.
S&P 500 futures are down about 0.35%, Nasdaq-100 futures slip 0.35%, and Dow futures are off roughly 0.55%. The dip comes after the S&P 500 touched an all-time closing high of 7,501 last week — a record level — and is now taking a breather.
What's Driving Today
This is one of the busiest weeks of the current earnings season, with a heavy focus on retail. Home Depot (HD) reports before the open, with consensus estimates calling for EPS of $3.42 on revenue of roughly $41.5 billion. The print is a key read on the U.S. consumer and the housing market, especially with pending home sales data due at 10:00 a.m. ET.
Later this week, Walmart (WMT) reports Thursday and Target (TGT) follows — three retail giants in five days.
Shopify (SHOP) officially joins the Nasdaq-100 index today, replacing MongoDB (MDB). The move is expected to drive additional institutional buying into the e-commerce stock.
The Earnings Radar
The biggest event this week is Nvidia (NVDA) reporting fiscal Q1 2027 earnings tomorrow after the close. Consensus revenue stands at roughly $78.5 billion — year-over-year growth of about 80%. Wall Street will be watching Data Center revenue, Blackwell GPU ramp details, gross margins holding near 75%, and any early commentary on the next-generation Rubin architecture.
Baidu (BIDU) reported strong Q1 results yesterday, with AI-powered core revenue jumping 49% year-over-year and GPU cloud revenue accelerating to 184% growth. The stock is seeing positive premarket action.
Intuit (INTU) reports Thursday after the close, with analysts modeling EPS of $12.57 on revenue of $8.54 billion.
Inflation Lingers
Markets are still digesting last week's hot April CPI print — 3.8% year-over-year, the highest since May 2023 and above consensus. The data pushed Treasury yields higher and further reduced the odds of near-term rate cuts. Traders are also watching oil, with WTI crude slipping about 1.5% to ~$102.70 after President Trump's comments about holding off on new strikes against Iran.
The Bottom Line
Tuesday opens cautiously, but the real fireworks come later in the week. This earnings cycle's retail-heavy second half will provide a crucial consumer health check — and Nvidia's report tomorrow could set the tone for tech into June. The March pending home sales index (consensus +0.8% MoM) drops at 10:00 a.m. ET and will offer additional housing market color.
