U.S. stock futures consolidate after record-high rally on Nvidia cheer By Investing.com
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© Reuters.
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 contract was up 40 points, or 0.1%, traded flat and dropped 20 points, or 0.1%.
The main U.S. averages closed firmly higher Thursday, with the gaining 2.1%, the rising 1.2%, both to record closing highs, while the 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 (NASDAQ:) stock rises again, but overall trade muted
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 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:), Microsoft Corporation (NASDAQ:) and Meta Platforms (NASDAQ:) – all three of which have AI products lined up – traded in an subdued manner premarket after clocking strong gains during the previous session.
Fed speakers in focus
The economic data slate is largely empty Friday, but investors are likely to focus on further comments from Fed officials after Federal Reserve Board Governor said on Thursday that he was in “no rush” to lower rates. A slew of Fed members have previously echoed this notion, citing fears of sticky inflation and strength in the labor market.
Analysts at Goldman Sachs said that they no longer think the U.S. Federal Reserve will move to slash interest rates at its policy meeting in May following Waller’s comments, now expecting the Fed to roll out its first 25 basis-point cut in June.
Warner Bros Discovery to release earnings
Earnings from the likes of Warner Bros Discovery (NASDAQ:) and Bloomin Brands (NASDAQ:) are scheduled for Friday, while Carvana (NYSE:) jumped over 30% premarket after the used car company forecast core earnings well above $100 million in the first quarter.
Payments firm Block (NYSE:) popped 16% after it beat quarterly revenue estimates and hiked its annual operating profit outlook.
Aerospace firm Intuitive Machines (NASDAQ:) rallied as much as 45% after its Odysseus lunar lander successfully touched down on the moon, becoming the first private craft to do so and the first U.S. craft on the moon since 1972.
Oil set for losing week
Oil prices retreated Friday, and are set for a losing week as concerns over sluggish demand largely offset bets on tighter supplies due to disruptions in the Middle East.
By 06:55 ET, the U.S. crude futures traded 1.6% lower at $77.32 a barrel, while the Brent contract dropped 1.5% to $82.42 a barrel.
Both contracts are set to end the week around 1% lower as a string of weak economic readings from across the globe spurred more concerns over slowing demand, while expectations of higher-for-longer U.S. interest rates also weighed.
(Ambar Warrick contributed to this article.)
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© Reuters.
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 contract was up 40 points, or 0.1%, traded flat and dropped 20 points, or 0.1%.
The main U.S. averages closed firmly higher Thursday, with the gaining 2.1%, the rising 1.2%, both to record closing highs, while the 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 (NASDAQ:) stock rises again, but overall trade muted
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 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:), Microsoft Corporation (NASDAQ:) and Meta Platforms (NASDAQ:) – all three of which have AI products lined up – traded in an subdued manner premarket after clocking strong gains during the previous session.
Fed speakers in focus
The economic data slate is largely empty Friday, but investors are likely to focus on further comments from Fed officials after Federal Reserve Board Governor said on Thursday that he was in “no rush” to lower rates. A slew of Fed members have previously echoed this notion, citing fears of sticky inflation and strength in the labor market.
Analysts at Goldman Sachs said that they no longer think the U.S. Federal Reserve will move to slash interest rates at its policy meeting in May following Waller’s comments, now expecting the Fed to roll out its first 25 basis-point cut in June.
Warner Bros Discovery to release earnings
Earnings from the likes of Warner Bros Discovery (NASDAQ:) and Bloomin Brands (NASDAQ:) are scheduled for Friday, while Carvana (NYSE:) jumped over 30% premarket after the used car company forecast core earnings well above $100 million in the first quarter.
Payments firm Block (NYSE:) popped 16% after it beat quarterly revenue estimates and hiked its annual operating profit outlook.
Aerospace firm Intuitive Machines (NASDAQ:) rallied as much as 45% after its Odysseus lunar lander successfully touched down on the moon, becoming the first private craft to do so and the first U.S. craft on the moon since 1972.
Oil set for losing week
Oil prices retreated Friday, and are set for a losing week as concerns over sluggish demand largely offset bets on tighter supplies due to disruptions in the Middle East.
By 06:55 ET, the U.S. crude futures traded 1.6% lower at $77.32 a barrel, while the Brent contract dropped 1.5% to $82.42 a barrel.
Both contracts are set to end the week around 1% lower as a string of weak economic readings from across the globe spurred more concerns over slowing demand, while expectations of higher-for-longer U.S. interest rates also weighed.
(Ambar Warrick contributed to this article.)
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