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Stock Market Today: Live Updates

Stock Market Today: Live Updates


Traders on the floor of the New York Stock Exchange on August 4, 2022.

Source: NYSE

S&P 500 futures rose early Thursday, boosted by a rise in Nvidia shares as the chip giant posted record revenue and issued upbeat forecasts.

S&P 500 Futures Contracts climbed 0.75% and Nasdaq 100 Futures gained 1.48%. Futures contracts linked to Dow Jones Industrial Average added 47 points, or 0.12%.

Nvidia shares jumped 9% after hours after the chip company said its total revenue rose 265% from last year, thanks to its booming business in the field of artificial intelligence. Nvidia, which has become the fifth-largest company in the United States by market capitalization, is also forecasting another dramatic rise in revenue for the current quarter, even in the face of high expectations for massive growth.

Enthusiasm for AI has fueled the stunning rally for Nvidia, along with other big tech names, over the past year. The chipmaker's explosive quarter could further boost confidence in the field, benefiting the broader market.

“The Bears have been trying to bash NVDA and sell the news, but there's not much to hate about this report,” said David Russell, global head of market strategy at TradeStation. “There is potentially a lot of growth ahead for this company with years of AI investment expected.”

THE Nasdaq Composite could see a rebound after its three-day losing streak on Thursday. So far this week, the tech-heavy index has lost more than 1%.

Minutes from the latest Federal Reserve meeting on Wednesday showed central bank officials expressed caution about lowering interest rates too quickly and stressed the importance of “carefully evaluating” the data available to determine whether inflation fell sustainably to 2%.

“Investors should know that the path to disinflation will likely be volatile, creating volatility in the rates market,” said Jeffrey Roach, chief economist at LPL Financial.

On Thursday, investors will watch weekly jobless claims data and existing home sales figures from January.

Companies reporting earnings on Thursday include Modern And Builders FirstSource in the morning, followed by Living Nation, Reservation of funds And Intuition after closing.




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