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


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.

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