New York, NY – Stock futures showed little movement in overnight trading following the S&P 500 hitting a new record closing high. The surge was attributed to a rally in Nvidia, a leading artificial intelligence chip company.
Futures tied to the S&P 500 and Nasdaq-100 hovered near the flatline, while Dow Jones Industrial Average futures slipped slightly. Lululemon saw a 10% increase in extended trading after exceeding expectations in its fiscal first quarter, while Five Below experienced a nearly 15% decline due to lackluster results and guidance.
In the previous session, the S&P 500 rose 1.18% to close at 5,354.03, reaching a new intraday all-time high. The Nasdaq Composite also surged 1.96% to 17,187.90, setting a new record, and the Dow Jones Industrial Average climbed 0.25% to close at 38,807.33.
Nvidia propelled these gains by surging over 5% and surpassing a $3 trillion market valuation, exceeding Apple in value. The company recently unveiled its next generation of AI chips, known as “Rubin.”
Investors are closely monitoring Friday’s nonfarm payrolls report for May, looking for signs of a potential weakening labor market that could prompt rate cuts from the Federal Reserve. Data released Wednesday showed a slowdown in hiring, raising concerns among market participants.
Upcoming earnings reports from J.M Smucker and updates on continuing and initial jobless claims are also anticipated. The market remains on edge as it navigates through various economic indicators and corporate developments in the coming days.