Futures rise, Nvidia's new chip, Boeing - what's moving markets
Investing.com — Wall Street looks set to end the year on a positive note, as traders await next week’s crucial payrolls report. Boeing received some positive news from China, while Nvidia launched a new gaming chip in the important Chinese market.
U.S. stock futures edged higher Friday, set to end a strong year on Wall Street on a positive note.
By 05:30 ET (10:30 GMT), the Dow futures contract was up 25 points, or 0.1%, S&P 500 futures had gained by 5 points or 0.1%, and Nasdaq 100 futures had risen by 22 points or 0.1%.
The three main indices have benefited from an impressive late rally with the Federal Reserve signaling that its prolonged rate-hiking cycle is at an end and rate cuts were likely in 2024.
The DJIA and S&P 500 are poised to end 2023 over 13% and 24% higher, respectively, with the latter less than 0.5% off its highest closing level, which was set in January 2022. The Nasdaq Composite is on course to record a gain of over 44%, which would be its biggest annual increase since 2003.
Nvidia (NASDAQ:NVDA), the U.S. chipmaker, has launched a new version of a gaming chip designed to comply with U.S. export controls targeting China.
This chip is the first released by the company since export rules unveiled by the Biden Administration in October meant artificial intelligence chips it created for the Chinese market were blocked for sale.
Nvidia has been one of the year’s main stars, benefiting from the surge in interest in artificial intelligence, resulting in it joining an elite club of U.S. companies with a $1 trillion market value.
Nvidia has commanded more than 90% share of China's $7 billion AI chip market, and the U.S. curbs have created concerns that it could lose market share to domestic firms.
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