Traders work on the trading floor of the New York Stock Exchange on May 16, 2024.
Brendan McDermid | Reuters
Nasdaq 100 futures rose Thursday as Wall Street assessed the latest quarterly results from market leaders Nvidia.
Nasdaq 100 Futures rose 0.9%, while S&P 500 Index Futures Add 0.6%. Futures and Dow Jones Industrial Average Up 43 points, or 0.1%.
Shares of Nvidia, the chipmaker and artificial intelligence darling, rose 6% in after-hours trading, topping $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.
Nvidia’s fiscal second-quarter revenue guidance was about $28 billion, which also exceeded StreetAccount’s forecast of $36.2 billion, indicating that the company does not see its growth momentum slowing down.
snowflake Revenue increased 4%.
Nvidia’s results have been a focus on Wall Street as traders hope for signs that enthusiasm around artificial intelligence has not waned. With a market value of US$2.3 trillion, Nvidia also has considerable influence in a wide range of fields. S&P 500 Index. The stock, along with artificial intelligence and large-cap tech stocks, has driven the market’s gains in 2024, which Wolfe Research’s Chris Senyek noted will be a “key driver” for the overall stock market.
“Even in the face of huge expectations, the company once again stepped up and delivered,” said Ryan Detrick, chief market strategist at Carson Group. “The always important data center revenue was strong, And the revenue ahead is impressive. The bottom line is, the bar is high and it’s cleared again.”
Stocks fell on Wednesday after minutes from the Federal Reserve’s May meeting raised concerns about sticky inflation and concerns the central bank may delay cutting interest rates. 30 stocks Dow Chemical It fell 0.51%, the worst trading day in May. The S&P 500 fell 0.27% and the Nasdaq fell 0.18%.
The final stretch of the first-quarter earnings season continues Thursday with results from Ralph Lauren, BJ’s Wholesale, Workday and others. On the economic front, investors await weekly unemployment claims and new home sales data for April.
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