U.S. stock index futures traded in a stable manner Wednesday, with investors wary ahead of the release of key earnings from AI bellwether Nvidia. 
At 09:35 ET (13:35 GMT), the Dow Jones Industrial Average rose 15 points, or 0.1%, while the S&P 500 index slipped 2 points, or 0.1%, and the NASDAQ Composite dropped 23 points, or 0.1%.
This week marks the last of August trading, which is historically a rough month for stocks. However, the three main U.S. indexes are on course for gains this month, with the broad-based S&P 500 up 2% this month, the 30-stock Dow Jones Industrial Average gaining 2.9% and the NASDAQ Composite up 2%.
Nvidia earnings in spotlight 
Nvidia, a key barometer of the artificial intelligence (AI) boom, is set to report its fiscal second quarter results after the market close.
After driving markets higher for much of the year, technology stocks have cooled this month as investor enthusiasm cooled. Nvidia’s results are likely to set the tone for near-term risk appetite as they will offer evidence as to whether the sky-high valuation for AI darlings is justified.
Overall, the AI chipmaker is set to report a 53% rise in second-quarter revenue to $46 billion, according to LSEG data, but this may not be enough to keep investors happy given this would still be a far cry from the triple-digit growth it witnessed for many recent quarters.
Investors will also be interested in the company’s outlook, given the fate of Nvidia’s China business hangs on where the world’s two largest economies land on tariff talks and chip trade curbs. 
Fed independence in focus  
Investors will also keep an eye on developments surrounding U.S. President Donald Trump’s attempt to remove of Fed Governor Lisa Cook from her role in the U.S. central bank, after alleging she engaged in mortgage fraud. 
Cook has denied the allegations and said she will take Trump to court over keeping her role, likely setting the stage for a protracted legal battle. Cook is tenured to serve on the Fed board until 2038. 
The move comes amid increasing calls from Trump and his allies that the Fed cut interest rates immediately– a move the central bank has declined amid caution over inflation and the labor market. 
Trump’s attempts to shake up the Fed sparked concerns over the independence of the Fed and the long-term credibility of the U.S. economy. The Fed has traditionally operated free from political interference, with most past presidents maintaining a largely hands off approach to the central bank. 
Corporate earnings continue 
Aside from Nvidia, there are more earnings to digest.
Kohl’s (NYSE:KSS) stock soared after the department store chain raised its annual profit forecast as it reined in costs amid efforts to bring back customers during the key holiday shopping season.
MongoDB (NASDAQ:MDB) stock also climbed strongly after the developer data platform beat Wall Street expectations for second-quarter results and issued third-quarter and full-year guidance above analyst estimates as well.
Okta (NASDAQ:OKTA) stock rose after the identity security provider beat earnings estimates and lifted its full-year revenue outlook.
PVH (NYSE:PVH) stock gained after the fashion holding company boosted its forecast for the current year following stronger sales in the second quarter on celebrity partnerships and entertainment deals.
Williams-Sonoma (F:WSM) stock gained after the home furnishings retailer reported second-quarter earnings that exceeded analyst expectations.
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Canada Goose (NYSE:GOOS)}} stock surged after CNBC reported that controlling shareholder Bain Capital has received bids to take the luxury goods maker private at a valuation of about $1.4 billion.
Crude steadied after losses 
Oil prices steadied after hefty losses in the prior session as traders weighed hefty new U.S. tariffs on India, the world’s third-biggest crude consumer.
At 09:35 ET, Brent futures gained 0.2% to $66.83 a barrel, and U.S. West Texas Intermediate crude futures rose 0.3% to $63.45 a barrel.
Both contracts fell over 2% on Tuesday after beginning the week on a two-week high.