U.S. stock futures remained relatively unchanged on Tuesday night as all eyes were on chipmaker Nvidia and its highly anticipated quarterly earnings report, set to be released on Wednesday after the closing bell. Futures tied to the Dow Jones Industrial Average inched down by 0.08%, or 32 points, while S&P 500 futures and Nasdaq 100 futures dipped by 0.1% and 0.3% respectively.

Investors reacted favorably to the performance of several companies during after-hours trading. Nordstrom, the popular retailer, saw a 7% surge after reporting better-than-expected adjusted earnings for the second quarter. Semiconductor developer Ambarella also experienced a significant boost, jumping 20% following optimistic revenue guidance for the upcoming third quarter. Conversely, PVH, the parent company of Calvin Klein, faced a 7% slump due to a disappointing outlook for the current quarter.

During Tuesday's regular trading session, the broad-market index and the tech-heavy Nasdaq Composite both posted gains of nearly 0.2%. Nvidia's stock contributed to the positive momentum, reporting a gain of approximately 1.5%. The Dow, on the other hand, only increased by 0.02%, leading to a second consecutive record close.

Industry experts are closely monitoring Nvidia's earnings report as it is viewed as a compass for the broader sustainability of the technology and artificial intelligence (AI) trade. Nvidia, a leader in AI technology, has seen its stock surge by 159% this year, leading to questions about its future potential. Analysts are particularly interested in updates on the delivery schedule for Nvidia's Blackwell chips and the demand for AI.

Erin Browne, Managing Director and Portfolio Manager at Pimco, expressed cautious optimism about Nvidia's potential, noting that while there is a lot of optimism priced into the market, the current valuation is not expensive compared to the past five years. Wall Street also awaits quarterly results from Bath & Body Works, Foot Locker, and Kohl's on Wednesday morning, followed by Salesforce's earnings in the afternoon.

Scott Chronert, U.S. Equity Strategist at Citi, emphasized the importance of Nvidia's upcoming earnings report, emphasizing its influence on the S&P 500's mid-year gains. The weighting of Nvidia in the index reached 6.6% in June, according to FactSet data. Chronert believes that evidence of AI spending and productivity enhancements will be crucial, focusing not only on the earnings result but also on future guidance.

As anticipation builds, investors are urged to remain vigilant amid expected earnings releases that could increase market volatility, according to Piper Sandler. While trading volume is expected to be light leading up to the Labor Day weekend, reports from Nvidia, Salesforce, and CrowdStrike might shake up market dynamics in the coming days.

Overall, investors and analysts will be closely watching Nvidia's earnings report to gain insights into the tech and AI trade, as well as to evaluate the stock's future potential.