Nasdaq-100 futures rose on Wednesday evening after chipmaker Nvidia reported stronger-than-expected fiscal first-quarter results. The futures jumped 0.4%, while S&P 500 futures added 0.2%. However, futures tied to the Dow Jones Industrial Average dipped slightly by 0.1% or 53 points.

The market eagerly awaited Nvidia's quarterly results, as it is considered a bellwether for the industry and a gauge of the ongoing excitement surrounding artificial intelligence (AI). The company's stock soared by 6% in extended trading following the announcement of its robust earnings and a 10-for-1 stock split.

Nvidia's fiscal first-quarter revenue surpassed expectations, reaching an impressive $26.04 billion, a 262% year-over-year increase. This marks the third consecutive quarter where the company registered growth exceeding 200%. The chipmaking giant also reported adjusted earnings of $6.12 per share, surpassing analyst estimates of $5.59.

Market analysts and strategists noted that Nvidia's strong performance could serve as a key catalyst for equities overall. The company wields considerable influence over the broad S&P 500, given its massive market capitalization of $2.3 trillion. Its positive results, coupled with the continued hype surrounding AI and megacap technology peers, have been instrumental in driving gains in the market throughout 2021.

However, despite Nvidia's positive impact, the market experienced a decline during Wednesday's trading session. Concerns over sticky inflation, heightened by the release of minutes from the Federal Reserve's May meeting, contributed to a 0.51% drop in the 30-stock Dow Jones Industrial Average. The S&P 500 and the Nasdaq Composite also registered slight declines of 0.27% and 0.18%, respectively.

Looking ahead, the market will keenly monitor the final stage of the first-quarter reporting season, with companies such as Ralph Lauren, BJ's Wholesale, and Workday set to release their results. Additionally, investors await data on weekly jobless claims and new home sales for April, which could further shape market sentiments.

Following the close of the regular trading session, several stocks experienced notable movements. Snowflake, the cloud-computing company, surged more than 4% after beating revenue expectations with a total of $829 million for the first quarter. VF Corp, an apparel and footwear company, saw its stock decline by nearly 12% due to an unexpected loss and revenue that fell short of Wall Street's estimates. Meanwhile, LiveRamp Holdings, an advertising technology stock, jumped almost 17% after surpassing analyst estimates with its fiscal fourth-quarter results.

In related news, shares of Live Nation Entertainment tumbled by 6% in extended trading following reports that the Department of Justice plans to sue the ticketing giant for antitrust violations. Sources familiar with the matter suggest that potential remedies may include a break-up of Live Nation. The concert promoter had previously merged with Ticketmaster in 2010.

The positive performance of Nvidia's quarterly results has provided a boost to investor confidence, driving Nasdaq-100 futures higher. Market participants will continue to closely monitor company earnings and economic data as they assess the overall health and trajectory of the market.