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Nvidia ( NVDA ) falls after forecasting Q4 revenue below estimates

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Snowflake jumps after raising annual product revenue

forecast

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Futures: Dow up 0.19%, S&P 500 up 0.06%, Nasdaq down 0.09%

(Updates with Deere results)

By Johann M Cherian and Purvi Agarwal

Nov 21 (Reuters) - U.S. stock index futures were subdued

on Thursday, as AI-heavyweight Nvidia's ( NVDA ) revenue forecast failed

to impress investors while caution prevailed over escalating

tensions between Russia and Ukraine.

Nvidia ( NVDA ) beat quarterly profit expectations, but

projected its slowest revenue growth in seven quarters and its

adjusted gross margins shrank, sending its shares down 1.7% in

premarket trading.

"At face value, Nvidia ( NVDA ) has once again generated the kind of

growth that most companies will never achieve in their

lifespan," said Dan Coatsworth, investment analyst at AJ Bell.

"What's troubled investors this time was a

quarter-on-quarter decline in gross margins, with guidance for

them to fall further in the coming quarter and

weaker-than-expected forward guidance for revenue."

The sentiment spread to other chip stocks, with Broadcom ( AVGO )

down 0.4%, Qualcomm ( QCOM ) losing 0.9% and Intel ( INTC )

off 0.5%.

Growth stocks were mixed. Meta Platforms ( META ) was up

0.4%, Apple ( AAPL ) gained 0.3%, while Tesla was off

0.3%.

At 6:57 a.m. ET, Dow E-minis were up 84 points, or

0.19%, S&P 500 E-minis were up 3.75 points, or 0.06% and

Nasdaq 100 E-minis were down 19.5 points, or 0.09%.

Nvidia ( NVDA ) has led much of the U.S. market rally since mid-2023

on expectations that artificial intelligence integration could

boost corporate profits. The stock has risen more than nine-fold

in the past two years and the company boasts a market value of

$3.5 trillion.

Wall Street indexes have retreated from their record highs,

with post-election euphoria giving in to caution after

President-elect Donald Trump named his cabinet picks, as markets

weigh the potential inflationary impact of his policies.

Investors also kept an eye on escalating tensions between

Russia and Ukraine, after Russia launched an intercontinental

ballistic missile in retaliation against Ukraine's strike using

American and British missiles earlier this week.

On the data front, a weekly report on jobless claims is due

at 8.30 a.m. ET, while comments from Federal Reserve officials

Beth Hammack, Austan Goolsbee and Vice Chair for Supervision

Michael Barr are on tap.

Meanwhile, Richmond Fed President Tom Barkin said the United

States is more vulnerable to inflationary shocks than in the

past, according to a media report.

Money market participants are pricing in a higher chance of

the Fed lowering interest rates by 25 basis points at its

December meeting - about 59.1%, according to the CME Group's

FedWatch.

Deere shares gained marginally despite forecasting

2025 profit below Street expectations as demand for farm

equipment slumped.

Alphabet dropped 0.4% after the Justice Department

argued to a judge that Google must sell its Chrome browser and

take other measures to end its monopoly on online search.

Crypto stocks such as MARA Holdings ( MARA ) jumped 10.9%,

MicroStrategy ( MSTR ) rose 11.3% and Coinbase gained

2.9% as bitcoin prices soared to nearly $100,000 for the

first time.

Snowflake raised its annual product revenue

forecast and said it has teamed up with AI firm Anthropic to

build up its cloud services, sending the data analytics

provider's shares up 21.5%.

Palo Alto Networks ( PANW ) lost 3.8% after announcing a

two-for-one forward stock split after the cybersecurity firm

topped quarterly revenue and profit expectations.