S&P 500 futures rise as Wall Street looks to Nvidia to maintain market leadership | Wilnesh News

S&P 500 futures climbed Thursday morning as investors looked for opportunities benchmark Set the latest record.

Futures tied to the broader market index rose 0.29%, while Nasdaq 100 Futures up 0.64%. Dow Jones Industrial Average Futures A pullback of 17 points, or 0.04%.

Stocks are set for a weekly gain after the S&P 500 and Nasdaq hit new highs on Tuesday. The stock market was closed Wednesday for the Juneteenth holiday.

Nvidia The artificial intelligence darling and chip maker is leading the way higher as it surpasses Microsoft to become the world’s most valuable company. Nvidia shares are up 174% in 2024 as the artificial intelligence craze continues to boost the stock market.

In early June, Nvidia’s market cap had surpassed Apple’s and cemented its position as the de facto market leader in the artificial intelligence theme on Wall Street. Investors continue to pile into artificial intelligence heavyweights even as consumers show signs of slowing spending and point to potential economic weakness. Nvidia’s rise has spread to fellow chipmakers Broadcomsoaring more than 61% in 2024.

“Is it any wonder that we continue to believe that Wall Street (i.e. the S&P 500) beats a different drum than Main Street (the foundation of the U.S. economy)?” Scott Chronert, Citi’s head of U.S. equity strategy, wrote in a note on Tuesday. “There is no doubt that the influence of generative artificial intelligence as a driver of continued incremental growth is currently permeating the U.S. stock market environment.”

Still, some commentators noted that concerns about a lack of breadth in the market outside of Big Tech could worsen, although the downturn has yet to fully affect stocks that continue to break records.

Thomas Fitzpatrick, managing director at RJ O’Brien and Associates, said: “(The artificial intelligence theme) has a very 2000-2001 feel, but we know that markets can remain irrational longer than you can remain solvent. Long. “The day of reckoning will come, but (it’s) hard to stop the speeding train. “

Investors will also be parsing new economic data in the second half of the week, including Thursday morning’s jobless claims and housing starts data.