Investing.com – U.S. stock index futures rose slightly on Tuesday, stabilizing after a volatile period ahead of this week’s highly anticipated results from chipmaker giant Nvidia (NASDAQ:).

By 05:45 ET (09:45 GMT), it was up 5 points, or 0.1%, up 6 points, or 0.1%, and up 40 points, or 0.2%.

DJIA at record high

The index hit a record high on Monday as a rotation out of technology stocks benefited the index constituents.

The blue-chip index has gained 9.4% so far in 2024, while the broad-based S&P 500 has gained nearly 18% and the tech-heavy Nasdaq Composite has gained just over 18%.

Sentiment boosted by likely interest rate cut in September

Given the prospect of lower interest rates, general sentiment towards equity markets remains relatively optimistic.

Dovish comments from Federal Reserve officials, particularly Chairman Jerome Powell, led traders to price in a rate cut of at least 25 basis points in September.

But the Fed’s change in tone, which came against a backdrop of signs of a significant slowdown in the labor market, raised some concerns about a slowdown in economic growth.

The highlight of this week’s economic calendar will be Friday’s price index, the Federal Reserve’s preferred inflation measure.

Also on the agenda for Thursday are the revised figures for the second quarter and the weekly report.

Nvidia’s profits in focus

After the market closes, retailer Nordstrom’s (NYSE:) quarterly results will be released and carefully scrutinized for clues about consumer health.

However, the main focus for companies this week will clearly be on Nvidia’s earnings on Wednesday.

The stock has been at the center of a massive AI-driven run of value over the past year. But that rally has come under threat over the past two months, at least in the broader technology sector.

Earnings figures released in July by other major chipmakers, namely TSMC (NYSE:) and ASML (NASDAQ:), suggest that the chipmaking sector will continue to benefit from demand for artificial intelligence.

Elsewhere, Apple (NASDAQ:) announced on Monday that Luca Maestri will step down as chief financial officer in early 2025, while Skydance Media is expected to take control of Paramount Global (NASDAQ:) after media executive Edgar Bronfman Jr. withdrew from the race for control of the media conglomerate.

Crude oil gives up some of its recent gains

Crude oil prices fell on Tuesday, giving up some of recent strong gains as traders looked for further evidence of production disruptions in Libya and a wider war in the Middle East.

By 5:45 a.m. ET, U.S. crude oil (WTI) futures fell 1% to $76.66 a barrel, while the Brent contract fell 0.9% to $79.67 a barrel.

Both benchmarks have gained about 7 percent over the past three sessions, recovering from their lowest levels since early January amid expectations of U.S. interest rate cuts that could boost fuel demand, possible Libyan oil field closures and concerns about a broader conflict in the Middle East that could potentially affect supplies from the key producing region.

(Ambar Warrick contributed to this article.)