Stock market today: US futures tread water with Nvidia, rate cuts in focus

US stock futures stalled on Tuesday, with the Dow looking to hold onto an all-time high as investors trod carefully on the eve of Nvidia's ( NVDA ) potentially market-moving earnings report.

Dow Jones Industrial Average futures ( YM=F ) traded around the flatline, after the blue-chip benchmark eked out a record close to start the week. S&P 500 futures ( ES=F ) were also little changed, while contracts on the tech-heavy Nasdaq 100 ( NQ=F ) nudged up roughly 0.2% on the heels of closing losses for both gauges.

Stocks are struggling to find a footing as investors debate whether chipmaker Nvidia's high-stakes results on Wednesday can once again live up to elevated expectations. Semiconductor stocks lost ground on Tuesday alongside a 2% drop for the AI darling, a sign of how Nvidia's report could ripple through techs as it tests the AI trade that has driven gains.

At the same time, investors are counting down to a crucial update to the inflation gauge favored by the Federal Reserve. Chair Jerome Powell's clear message that an interest-rate cut is imminent confirmed widespread confidence in a policy pivot in September. Friday's reading on the PCE price index could dent or cement bets on a 0.5% interest-rate cut next month.

On the corporate front, Apple ( AAPL ) is replacing its long-standing CFO with an insider, Kevan Parekh, with just two weeks to go for its biggest product launch of the year. Meanwhile, the Paramount ( PARA , PARAA ) takeover looks to be nearing an end, with Skydance Media set to seal a deal after media veteran Eric Bronfman dropped his bid .