New York City, NY – U.S. stock futures held steady on Thursday night, following the S&P 500’s brief surge above 5,500. Futures linked to the Dow Jones Industrial Average rose slightly by 0.01%, while S&P 500 futures dipped 0.02%, and Nasdaq 100 futures climbed 0.07%. In Thursday’s session, the S&P 500 closed 0.25% lower, with the Nasdaq Composite falling 0.79% after reaching an all-time high earlier in the day. However, the Dow stood out by gaining almost 300 points, or 0.77%, marking its best performance of the month.
The information technology sector took a hit on Thursday, with Nvidia dropping 3.5% and leading to a 1.6% slump. Despite this, Nvidia has seen a significant increase of over 160% year-to-date and briefly surpassed Microsoft as the most valuable public company earlier in the week.
Investors are closely monitoring the stock market, as signs of an overextended market emerge. It remains uncertain whether the meteoric rise fueled by artificial intelligence will continue, according to Jamie Cox of Harris Financial Group. He suggests that a rebalancing of stock valuations may be necessary to align with market norms.
At the close of Thursday’s trading session, all three major indices were on track for weekly gains. The S&P 500 was poised for an approximately 0.8% increase, while the Nasdaq was up by 0.2%. The Dow led the way with a 1.4% rise for the week.
Looking ahead, investors are awaiting the release of manufacturing and services Purchasing Managers’ Index figures for June. May’s existing home sales data is also scheduled to be published. Additionally, CarMax is set to announce its quarterly earnings on Friday morning, adding to the week’s corporate earnings calendar.