U.S. stock futures are flat to lower after the major indexes closed little changed yesterday following a revenue warning from bellwether semiconductor company Nvidia (NVDA, read below) that raised concerns about a slowing economy. As of 3:50 p.m. CET, the Dow Jones lost 0.04%, while the S&P 500 shed 0.26%, but the Nasdaq Composite tanked on the back of negative chipmakers’ commentaries losing about 0.79%. Companies reporting earnings today include beleaguered Coinbase Global (COIN), Emerson Electric, Norwegian Cruise Line Holdings and Ralph Lauren.

On macro front, a report from the U.S. Labor Department will likely indicate that Q2 2022 productivity in the U.S. private sector fell 4.7%, after plunging 7.3% in Q1. Unit labor costs are expected to rise a whopping 9.5%, following a 12.6% rise in the prior quarter. In addition, the National Federation of Independent Business (NFIB) released rather neutral by its tonality small-business confidence data for July.

The embattled by inflationary worries Federal Reserve actually received some good news yesterday. Respondents to the New York Fed’s monthly Survey of Consumer Expectations responded they believe inflation will stabilize at a pace of about 6.2% for the next year, and at 3.2% over the next three years – lower than many economists think it can be.

Corporatewise, Micron (MU) warned Q4 revenue may come in at, or below, the low end of its revenue guidance range ($6.8-7.6 billion) with macroeconomic factors and supply chain constraints driving a broadening of customer inventory adjustments. The Micron warning comes on the heels of NVIDIA's (NVDA) warning yesterday. Apparently, it poses certain industrywide challenge to hear as its companies are communicating a notion that the cyclical semiconductor industry could be entering an extended slowdown phase.

It's worth noting that NVDA still declined 6.3% yesterday even though its news was not "surprising," and MU is indicated 4.3% lower today. The downshift reflects a knowingness that the stocks likely got ahead of themselves in the sentiment-driven rebound off the mid-June lows.

European markets are trading mostly lower today. A the time of writing, the Pan European Stoxx Europe 600 Index fell 0.54%, British FTSE 100 rose 0.1% but the French CAC 40 Index gave up 0.37%, and German DAX fell 1.05%. Among scarce macro publications, it’s worth mentioning that retail sales in the UK have reportedly risen by 1.6% in July from a year earlier, growing for the first time in last 5 months.

Elsewhere, Asian markets traded mixed earlier this morning. Japan’s Nikkei 225 fell and Hong Kong’s Hang Seng Index eased by 0.21% 0.88%, while China’s Shanghai Composite climbed 0.32% and Australia’s S&P/ASX 200 gained 0.1%.