Stock futures remained largely unchanged on Thursday morning, following the S&P 500’s achievement of a new record closing high, driven by a rally in artificial intelligence chipmaker Nvidia.
Futures linked to the S&P 500 hovered near the flatline, mirroring the trend in Nasdaq-100 futures. Meanwhile, futures tied to the Dow Jones Industrial Average saw a slight dip, falling by 7 points.
In extended trading, Lululemon shares surged by 10% after the sportswear manufacturer exceeded expectations in its fiscal first quarter. Conversely, Five Below shares plummeted nearly 15% following disappointing results and guidance.
The stock market is emerging from a victorious session. The S&P 500 climbed 1.18% to close at 5,354.03, reaching a new intraday all-time high of 5,354.16. The Nasdaq Composite soared 1.96% to 17,187.90, also setting a new record, while the Dow Jones Industrial Average increased by 0.25%, closing at 38,807.33.
Nvidia was a significant driver of these gains, surging over 5% to exceed a $3 trillion market valuation, surpassing Apple in value. Earlier this week, the company unveiled its next generation of AI chips, known as “Rubin.”
“If you’re designing the perfect momentum company from scratch, Nvidia would be it,” said New York University finance professor Aswath Damodaran on CNBC’s “Closing Bell” on Wednesday. “You’ve got a great story, a CEO who sticks to the story, and a market that contributes to the mix. I think that you’re seeing one of the great momentum plays of all time playing right in front of you.”
Looking ahead, Wall Street is focused on Friday’s nonfarm payrolls report for May. Investors are seeking signs of a weakening labor market, which could bolster the case for rate cuts from the Federal Reserve. Data from ADP released Wednesday indicated a slowdown in private sector hiring.
On Thursday, earnings from J.M. Smucker are expected, along with reports on continuing and initial jobless claims.
