Logo

US Stock Futures Steady; Anticipation of Nvidia Earnings Elevates Nasdaq to Record High

TraderKnows
TraderKnows
05-21

U.S. stock futures hold steady as tech stock purchases propel the Nasdaq to a record high, with the market awaiting Nvidia's earnings report and the Federal Reserve's meeting minutes.

U.S. stock index futures remained largely unchanged in evening trading on Monday. This came after a buying spree in technology stocks propelled the Nasdaq to record highs, as investors eagerly await earnings from Nvidia, a market favorite.

Persistent uncertainty about interest rates continued as Federal Reserve officials issued warnings about stubborn inflation. Attention is now focused on the minutes of the Fed’s late-April meeting, set to be released this Wednesday.

As of 19:20 ET (23:20 GMT), S&P 500 Futures held steady at 5,331.0 points, while Nasdaq 100 Futures dipped slightly by 0.1% to 18,748.50 points. Dow Jones Futures also fell by 0.1% to 39,923.0 points.

Tech Sector Strengthens Ahead of Nvidia Earnings

NVIDIA Corporation (NASDAQ: NVDA) is scheduled to report its quarterly earnings after the market closes on Wednesday. Investors are keen to see if the company can meet market expectations for significant earnings growth. Nvidia, considered a bellwether for the booming artificial intelligence industry, is likely to influence the broader technology sector with its earnings report.

The company has been central to a surge in market valuations over the past year, driven by increasing enthusiasm for AI. The anticipation of Nvidia's earnings led to continued buying in tech stocks, helping push the NASDAQ Composite to a record high close on Monday, outperforming its Wall Street counterparts.

Nvidia shares rose 2.5%, nearing a record high. Other tech stocks, including Advanced Micro Devices Inc (NASDAQ: AMD) and Intel Corporation (NASDAQ: INTC), also saw gains, rising 1.1% and 0.9%, respectively, with all three experiencing some positive movement in aftermarket trading.

Broader Tech Sector Gains

Major tech companies like Apple Inc (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), and Alphabet Inc (NASDAQ: GOOGL) also advanced, with gains ranging from 0.4% to 1.3%.

On Monday, the S&P 500 increased by 0.1% to 5,308.13 points, while the NASDAQ Composite climbed 0.7% to a record high of 16,794.87 points. The Dow Jones Industrial Average, however, lagged behind, dropping 0.5% to 39,806.77 points.

Awaiting More Federal Reserve Cues Amid Rate Uncertainty

Markets remain cautious ahead of further guidance from the Federal Reserve this week, especially the minutes from its last meeting and speeches by several officials. Despite a rally sparked by slightly softer consumer inflation readings for April, several Fed officials have stressed the need for more confidence that inflation is decreasing before considering rate cuts.

Richmond Fed President Tom Barkin and New York Fed President John Williams, both members of the Fed’s rate-setting committee, are scheduled to speak later on Tuesday. The central bank might begin lowering rates by September, depending largely on the inflation trajectory.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Wiki

Stock index

The stock price index (abbreviated as "stock index") is an important indicator reflecting the overall changes in the price level of the stock market.

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.

Logo

Contact Us

Social Media

footer1