Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024.
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Stock futures were near flat in overnight trading after a rally in the artificial intelligence chip darling helped the S&P 500 hit a record high. NVIDIA.
Futures S&P 500 There was little change, but Nasdaq 100 Futures rose 0.05%. Dow Jones Industrial Average It dropped 10 points.
Lululemon The sportswear maker’s shares rose 10% in after-hours trading after it reported better-than-expected first-quarter results. Five Below The stock price fell nearly 15% after weak earnings and guidance.
The stock market ended on a positive note. S&P 500 The index rose 1.18% to close at 5,354.03. The index hit an intraday high of 5,354.16. The Nasdaq Composite Index rose 1.96% to a new record of 17,187.90. Dow Jones Industrial Average It rose 0.25% to close at 38,807.33.
Nvidia, which has driven a more than 5% surge in its stock price and a market capitalization of more than $3 trillion, surpassing Apple in market capitalization, unveiled its next-generation AI chip, called “Rubin,” earlier this week.
“If you were to design the perfect momentum company from the ground up, Nvidia is it,” Aswath Damodaran, a finance professor at New York University, said on CNBC’s “Closing Bell” on Wednesday. “You have a great story, a CEO who is true to that story, and a market that lends itself to that combination. I think you’re witnessing one of the greatest momentum plays of all time right now.”
Wall Street is focused on the May nonfarm payrolls report due on Friday, with investors looking for signs of labor market weakness that could prompt the Federal Reserve to cut interest rates. ADP private payrolls data released on Wednesday showed a slowdown in hiring.
Revenue J.M. Smucker Reports on continuing and initial jobless claims are also due to be released Thursday.
