Stock Futures March Higher After Nvidia Earnings, GDP Data

Stock futures are quietly higher this morning, as investors unpack Nvidia's (NVDA) second-quarter earnings report. Despite all the buildup and anticipation, Wall Street's response to Nvidia's top-line beat for the second quarter has been tame, amid China uncertainty and seismic expectations about data center revenue. The chip giant does not expect to slow its AI spending, though.

In response to the report, the entire tech sector -- especially semiconductor stocks -- are also subdued. Elsewhere, initial jobless claims fell 5,000 to a steady 229,000 last week, while the revised second-quarter GDP rose to an annual rate of 3.3%. 

Continue reading for more on today's market, including:

• Taylor Swift's engagement ring made this jewelry stock shimmer. 
• Labor Day week will bring plenty of economic data. 
• Plus, WYNN upgraded, and 2 stocks rising after earnings. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 1.8 million call contracts and over 1 million put contracts traded on Wednesday. The single-session equity put/call ratio came in at 0.53, while the 21-day moving average stayed at 0.59.
2. Casino stock Wynn Resorts Ltd (NASDAQ:WYNN) is up 1.9% before the bell, after an upgrade from UBS to "buy" from "neutral," with a price-target hike to $147 from $101. The firm cited strength in Macau and UAE. Year-to-date, the equity is up 43% heading into today's trading session. 
3. Five Below Inc (NASDAQ:FIVE) stock is up up 3.7% in electronic trading, after the discount retailer posted better-than-expected second-quarter earnings results and lifted its current-quarter and annual revenue forecasts. Telsey Advisory Group upgraded the stock to "outperform" from "market perform" after the event, while a flood of other analysts lifted their price targets. Since the start of the year, FIVE is up 37.6%. 
4. Cloud stock Snowflake Inc (NYSE:SNOW) is surging, up 12.2% premarket, after the company announced strong second-quarter results and hiked its annual revenue forecast. Should these gains hold, SNOW will mark fresh 52-week highs, adding to its 29.8% year-to-date lead. 
5. See what's on tap for the rest of this week. 

Korea Keeps Rates Steady

Asian markets ended the day mostly higher, with Japan’s Nikkei adding 0.7% to extend yesterday’s gains. South Korea’s Kospi rose 0.3% after the Bank of Korea (BoK) held its policy steady, while raising its inflation and GDP forecasts. China’s Shanghai Composite led the region with a 1.1% advance, while Hong Kong’s Hang Seng slipped 0.8% as uncertainty over potential U.S. restrictions on Nvidia exports lingers.

European markets are mixed ahead of regional consumer and economic sentiment data, with France’s CAC 40 last seen up 0.3% despite weaker sales from wine-and-spirits manufacturer Pernod Ricard and remaining questions over U.S. trade policy. London’s FTSE 100 is down 0.3% as U.K. regulators investigate renewable energy group Drax, while Germany’s DAX is flat.