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 expecting gains early Thursday as Nvidia (NVDA) a record push, which catapulted him to rank title of most valuable public company in the worldhad to continue.

Futures contracts linked to the S&P 500 (^GSPC) was up around 0.4%, after the index closed Tuesday’s session with achieving its record 31st close of the year. Futures contracts linked to the Nasdaq Composite, with a strong technological component (^IXIC) rose around 0.7%, paving the way higher. Dow Jones Industrial Average (^DJI) futures edged up 0.1%.

After Wednesday’s holiday, Wall Street appeared poised to continue its winning path in 2024. Stock growth this year has largely been driven by enthusiasm over the potential of AI, and no company has attracted attention. collective attention like Nvidia. Its stock rose more than 3% in premarket trading. That’s an increase of more than 170% so far this year.

Tuesday, Nvidia achieved a remarkably rapid thrust usurp Microsoft (MSFT) as the most valuable company in the world — just two weeks after dethroning Apple (AAPL) as the second most valuable company. His rise to the top came so quickly, Jared Blikre of Yahoo Finance writesthat some more passive investors have failed to follow.

Elsewhere on Thursday, global central banks were the center of attention as the Swiss National Bank cut rates for the second time this year. The Bank of England maintained its benchmark rate at its highest level in 16 yearsbut the signals pointed to a rate cut this summer.

In the United States, meanwhile, most traders continue to bet on a Fed reduction by September, according to the CME FedWatch Tool. Thursday’s reading of weekly jobless claims draws attention to macroeconomic data.

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