U.S. stock futures consolidate after record-high rally on Nvidia cheer
Investing.com-- U.S. stock index futures traded in a muted fashion Friday. pausing for breath after the previous session's Nvidia-inspired rally to record highs.
By 06:50 ET (11:50 GMT), the Dow Jones Futures contract was up 40 points, or 0.1%, S&P 500 Futures traded flat and Nasdaq 100 Futures dropped 20 points, or 0.1%.
The main U.S. averages closed firmly higher Thursday, with the S&P 500 gaining 2.1%, the Dow Jones Industrial Average rising 1.2%, both to record closing highs, while the NASDAQ Composite surged nearly 3%.
All three major indices are also now on track for winning weeks: the S&P 500 on course for a 1.6% advance, while the Nasdaq has gained 1.7% and the Dow up 1.1%.
Nvidia added $277 billion in stock market value on Thursday, Wall Street's largest one-day gain in history. Its shares were up just under 2% in premarket trade on Friday and the company is closing in on $2 trillion in market value for the first time.
Cheer over Nvidia's blockbuster earnings saw investors largely trade past warnings from the Federal Reserve that interest rates will stay higher for longer- a notion that was further reinforced by stronger-than-expected jobless claims data.
Weak purchasing managers index readings also disappointed for February, as business activity appeared to worsening in the world's largest economy.
However, these economic concerns have seen saw some caution creep back into markets, especially at such stretched valuations.
Tech megacaps including Alphabet (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) — all three of which have AI products lined up — traded in an subdued manner premarket after clocking strong gains during the previous session.
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