US equity futures slipped early Wednesday as investors digested Nvidia's earnings results that failed to energize the artificial intelligence trade. S&P 500 contracts dropped 0.4% while Nasdaq 100 futures fell 0.6% in premarket trading, signaling a cautious open after the chipmaker's numbers only met elevated expectations rather than exceeding them.

Nvidia shares edged lower despite delivering quarterly results broadly in line with analyst forecasts. The lack of upside surprised traders who had bid up the stock on expectations of explosive AI demand. JPMorgan Chase CEO Jamie Dimon added pressure by warning Treasury yields above 5% could climb further, keeping investors wary about chasing already-extended rallies.

Walmart reported solid sales growth but shares tumbled on disappointing second-quarter earnings guidance and warnings about rising fuel costs squeezing margins. The retailer's performance highlights ongoing consumer pressure despite strong top-line results. Meanwhile, Applied Digital surged after securing a $7.5 billion lease deal with a major hyperscaler for its data center campus.

Other movers included Deere rising on construction segment strength and Elf Beauty jumping after beating profit estimates. SpaceX filed for what could become the largest IPO ever, revealing a widening quarterly loss of $4.28 billion against revenue of $4.69 billion. The market faces a critical test of whether AI enthusiasm can sustain momentum amid mounting geopolitical and economic headwinds.