S&P 500, Nasdaq futures rise as Nvidia pops on strong outlook
Investing.com-- S&P 500 and Nasdaq futures rose in evening deals on Wednesday, with the latter leading gains as optimism over a strong outlook from AI darling Nvidia drove investors into technology stocks.
Dow futures, however, were muted following a string of other weak earnings reports, while the minutes of the Federal Reserve’s late-January meeting showed the bank in no hurry to begin cutting interest rates.
S&P 500 Futures rose 0.4% to 5,018.75 points, while Nasdaq 100 Futures futures rose 0.9% to 17,688.25 points by 18:12 ET (23:12 GMT). Dow Jones Futures fell 0.1% to 38,646.00 points. Outsized gains in the Nasdaq indicated increased appetite for technology stocks.
Gains in futures came following a series of middling sessions on Wall Street, as investors locked-in recent profits before quarterly earnings from NVIDIA Corporation (NASDAQ:NVDA), to see whether the firm could justify a massive valuation spike on the back of growing demand for artificial intelligence.
The S&P 500 rose 0.1% to 4,981.80 points on Wednesday. The Dow Jones Industrial Average rose 0.1% to 38,612.24 points, while the NASDAQ Composite fell 0.3% to 15,580.87 points.
Shares of Nvidia jumped 7.4% to $724.70 in aftermarket trade, coming back within sight of record highs hit earlier in February.
The world’s most valuable chipmaker clocked stronger-than-expected fourth quarter earnings, and forecast first quarter revenue at about $24 billion, more than what analysts were expecting.
The strong earnings and outlook signaled that the firm expected to continue reaping the benefits of increased demand for AI development, given that it is a key producer of chips geared specifically towards the large-language models which surged in popularity through
Read more on investing.com
