Stock market today: S&P 500, Nasdaq set to jump as Nvidia surge continues

Stock market today: S&P 500, Nasdaq set to jump as Nvidia surge continues

US stock indexes were set for gains early Thursday as Nvidia’s (NVDA) record-breaking surge, which catapulted it to the title of world’s most valuable public company, was set to continue.

Futures tied to the S&P 500 (^GSPC) pointed up around 0.4%, after the index closed Tuesday’s session by securing its 31st record close of the year. Futures tied to the tech-heavy Nasdaq Composite (^IXIC) were up about 0.7%, leading the way higher. Dow Jones Industrial Average (^DJI) futures edged up a more modest 0.1%.

After a holiday break on Wednesday, Wall Street looked set to continue its winning ways in 2024. Stocks’ growth story this year has been largely driven by the excitement around AI’s potential, and no company has captured the collective attention like Nvidia. Its stock was up more than 3% in premarket trading. It’s up more than 170% so far this year.

On Tuesday, Nvidia completed a remarkably quick surge to usurp Microsoft (MSFT) as the most valuable company in the world โ€” just two weeks after it dethroned Apple (AAPL) as the No. 2 most valuable company. Its rise to the top has come so fast, Yahoo Finance’s Jared Blikre writes, that some more passive investors haven’t been able to keep up.

Elsewhere on Thursday, global central banks were in focus as the Swiss National Bank cut rates for the second time this year. The Bank of England kept its benchmark rate at a 16-year high, but signals pointed to a rate cut in the summer.

In the US, meanwhile, most traders continue to bet on a Fed cut by September, according to the CME FedWatch tool. Thursday’s read on weekly jobless claims takes the macroeconomic data spotlight.

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