U.S. stock index futures showed minimal movement in evening deals on Monday as momentum on Wall Street slowed following a surge in technology stocks. This rise, driven by anticipation ahead of Nvidia’s earnings report, pushed the Nasdaq to record highs.
Investor uncertainty remains heightened regarding interest rates, with Federal Reserve officials cautioning about persistent inflation. The minutes from the central bank's late-April meeting, set to be released this Wednesday, are eagerly awaited.
S&P 500 Futures held steady at 5,331.0 points, while Nasdaq 100 Futures dipped 0.1% to 18,748.50 points. Dow Jones Futures also fell 0.1% to 39,923.0 points.
Nvidia's stock saw a 2.5% rise, nearing a record high, and its peers Advanced Micro Devices Inc (NASDAQ:AMD) and Intel Corporation (NASDAQ:INTC) saw gains of 1.1% and 0.9%, respectively, in aftermarket trading.
Tech heavyweights such as Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc (NASDAQ:GOOGL) also advanced, with gains ranging from 0.4% to 1.3%. This collective strength in tech stocks propelled the NASDAQ Composite to a record high close on Monday, significantly outperforming other Wall Street indices.
The S&P 500 rose 0.1% to 5,308.13 points, while the NASDAQ Composite climbed 0.7% to a record 16,794.87 points. Conversely, the Dow Jones Industrial Average lagged, dropping 0.5% to 39,806.77 points.
The central bank may start reducing rates by September, contingent on the trajectory of inflation.
Please feel free to reach out if you have any questions or need further insights.
Investor uncertainty remains heightened regarding interest rates, with Federal Reserve officials cautioning about persistent inflation. The minutes from the central bank's late-April meeting, set to be released this Wednesday, are eagerly awaited.
S&P 500 Futures held steady at 5,331.0 points, while Nasdaq 100 Futures dipped 0.1% to 18,748.50 points. Dow Jones Futures also fell 0.1% to 39,923.0 points.
Tech Sector Strengthens Ahead of Nvidia Earnings
NVIDIA Corporation (NASDAQ:NVDA), a market favorite, is poised to report quarterly earnings after the closing bell on Wednesday. All eyes are on whether Nvidia can meet the market's high expectations for a significant earnings surge. As a key player in the burgeoning artificial intelligence industry, Nvidia's performance is likely to influence the broader tech sector.Nvidia's stock saw a 2.5% rise, nearing a record high, and its peers Advanced Micro Devices Inc (NASDAQ:AMD) and Intel Corporation (NASDAQ:INTC) saw gains of 1.1% and 0.9%, respectively, in aftermarket trading.
Tech heavyweights such as Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc (NASDAQ:GOOGL) also advanced, with gains ranging from 0.4% to 1.3%. This collective strength in tech stocks propelled the NASDAQ Composite to a record high close on Monday, significantly outperforming other Wall Street indices.
The S&P 500 rose 0.1% to 5,308.13 points, while the NASDAQ Composite climbed 0.7% to a record 16,794.87 points. Conversely, the Dow Jones Industrial Average lagged, dropping 0.5% to 39,806.77 points.
Awaiting Further Fed Insights Amid Rate Uncertainty
Market participants remain cautious as they await more signals from the Federal Reserve this week, particularly the minutes from its last meeting and speeches from several officials. Despite a rally sparked by slightly softer consumer inflation readings for April, Fed officials, including Richmond Fed President Tom Barkin and New York Fed President John Williams, have indicated that the bank requires greater assurance that inflation is under control before considering interest rate cuts.The central bank may start reducing rates by September, contingent on the trajectory of inflation.
Please feel free to reach out if you have any questions or need further insights.