U.S. stock index futures edged lower on Wednesday as investors stayed cautious ahead of a key inflation reading and awaited more details from U.S.-China trade talks that preserved a tariff truce between the two superpowers.

Market Snapshot

At 7:50 a.m. ET, Futures tied to the S&P 500 were off 0.1%, while Nasdaq 100 futures inched down 0.1%. Dow Jones Industrial Average futures lost 85 points, or 0.2%.

Pre-Market Movers

First-quarter earnings at GitLab, Inc. beat analysts' expectations but the software company's guidance disappointed investors. The stock fell 13% in premarket trading. GitLab said it expects fiscal-year adjusted earnings of 74 cents to 75 cents a share, up from a previous outlook of 68 cents to 72 cents and higher than Wall Street estimates of 72 cents a share. GitLab anticipates fiscal-year revenue of $936 million to $942 million, compared with analysts' expectations of $939.7 million.

GameStop reported first-quarter earnings of 9 cents a share, a reversal from a year-earlier loss of 11 cents. Adjusted first-quarter profit was 11 cents. Revenue at the videogame retailer fell 17% to $732.4 million. The stock was down 5% in premarket trading.

Tesla Motors rose 2% in premarket trading. Shares of the maker of electric vehicles jumped 5.7% on Tuesday after a video revealed a driverless Tesla vehicle on the streets of Austin, Texas. CEO Elon Musk said Tesla expects to launch its robotaxi service tentatively on June 22 but the date could shift because Tesla is being "super paranoid about safety," Musk said in a post on X. He also expressed regret over some of his posts about President Donald Trump last week.

General Motors was up 1% after the auto maker said it would be spending $4 billion to manufacture more vehicles in the United States. In 2024, GM imported about 45% of the cars it sold domestically, according to Bloomberg, mainly from Mexico, Canada, and South Korea.

NVIDIA was up 0.1% in the premarket session after finishing up 0.9% on Tuesday and closing as the most valuable company in the U.S. with a market capitalization of $3.513 trillion, higher than Microsoft's $3.5 trillion.

Chewy, Inc. declined 7%. The pet e-commerce company posted fiscal first-quarter adjusted earnings of 36 cents a share on net sales of $3.12 billion, surpassing Wall Street consensus for profit of 33 cents on sales of $3.08 billion.

Oracle is scheduled to report fiscal fourth-quarter earnings after the closing bell Wednesday. Oracle was down 0.4% ahead of the earnings report from the enterprise software company. Analysts expect Oracle to report adjusted profit of $1.64 a share on revenue of $15.58 billion.

Market News

Supermicro Expands Nvidia Blackwell-Based AI Solutions to Europe with 30+ New Offerings

SUPER MICRO COMPUTER INC has unveiled a range of enterprise AI solutions built for Nvidia's Blackwell architecture to accelerate AI factory deployments in European market.

The company is introducing over 30 solutions designed for air or liquid-cooled NVIDIA HGX B200, liquid-cooled NVIDIA GB200 NVL72, and NVIDIA RTX PRO 6000 Blackwell Server Edition, enabling rapid time-to-online for European enterprise AI factories across any environment.

Quantum Computing Stocks Rise as Nvidia CEO Sees “Inflection Point”

Quantum stocks rose in premarket trading on Wednesday after NVIDIA CEO Jensen Huang made some bullish comments on the industry and said it is now at an “inflection point.”

“Quantum computing is reaching an inflection point,” Huang said during the GTC Paris event, while mentioning Nvidia's quantum computing service, Cuda Q.

Huang added that the world is “within reach” of being able to use quantum computers, which use qubits as their unit of information, to be applied in areas and “solve some interesting problems in the coming years.”

IONQ Inc. shares rose 5% following Huang's comments, while Quantum Computing Inc. jumped 9%. D-Wave Quantum Inc. rose 3%, Arqit Quantum Inc. rose 3% and Rigetti Computing rose 7%.

Novo Nordisk Taps Nvidia to Accelerate Drug Discovery Through AI

NVIDIA announced a collaboration with Novo-Nordisk A/S on Wednesday to speed up the Danish pharma giant's efforts in drug discovery using artificial intelligence.

Its collaboration is expected to support the weight loss drugmaker’s agreement with the Danish Centre for AI Innovation, which owns and operates Gefion, Denmark’s flagship AI supercomputer.

As part of the collaboration, the companies will focus on developing customized AI models that Novo (NVO) researchers can utilize for the early stages of clinical development and to run advanced simulation and physical AI technologies.