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Futures Rise After Nvidia's Strong Earnings Report

Alex Vellor
06:59am, Thursday, May 23, 2024
Photo by Sophie Backes on Unsplash

U.S. stock futures edged higher on Thursday following a stellar earnings report from AI chipmaker Nvidia (NASDAQ: NVDA). By early morning, the S&P 500 futures were up 27 points (0.5%), Nasdaq 100 futures rose by 158 points (0.8%), and Dow futures climbed by 30 points (0.1%).

Despite this uptick, the main indices had ended the previous day in the red. The market was weighed down by minutes from the Federal Reserve's latest meeting. The minutes revealed that Fed policymakers expect inflation to drop slowly to their 2% target. Even though recent data suggests easing price pressures, several Fed officials indicated they want more evidence of a sustained decline before considering interest rate cuts.

Investor bets that the Fed will cut rates by at least 25 basis points in September decreased slightly, as per CME Group's FedWatch Tool.

About The Author

Alex Vellor