Stock Futures Little Changed After S&P 500 and Nasdaq Composite’s Best Day Since Early 2023
The stock market experienced a slight pause on Thursday evening as stock futures remained relatively unchanged. This came after the S&P 500 and the Nasdaq Composite had their best day since early 2023. While the Dow Jones Industrial Average saw a modest increase of 13 points or 0.03%, the S&P 500 futures inched up by 0.02%, and Nasdaq 100 futures slipped 0.04%.
However, after-hours trading revealed some exciting developments. Block, a prominent company, surged more than 11% after surpassing Wall Street estimates for fourth-quarter revenue. Carvana, a used car retailer, also experienced a significant boost, climbing nearly 20% after announcing its expectations for retail unit growth in 2024.
During the regular trading session, the market witnessed an impressive rally led by Nvidia, a well-known chipmaker. Nvidia’s stock soared by an astonishing 16%, driven by its impressive quarterly results. As a result, the S&P 500 added 2.11%, marking its best day since January 2023. The Nasdaq Composite also experienced a surge of 2.96%, its best session since February 2023. With this momentum, the tech-heavy index is now within striking distance of its previous closing record of 16,057.44, achieved in November 2021. Additionally, the Dow Jones Industrial Average closed at a record high, gaining 1.18%.
The rally was not solely attributed to Nvidia’s success. Larry Tentarelli, the chief technical strategist at the Blue Chip Daily Trend Report, noted that “many sectors contributed” to this constructive breakout. Indeed, 10 of the 11 S&P sectors ended the day on a positive note, with only utilities experiencing a slight decline. Both industrials and healthcare sectors closed at fresh records, further adding to the overall positive sentiment.
This week has been promising for all three major averages, as they are on track to end with gains. The S&P 500 is pacing for a 1.6% advance, while the Nasdaq has gained 1.7%. The Dow Jones Industrial Average is also up by 1.1% for the period, further solidifying the market’s positive trajectory.
Looking ahead, investors are eagerly awaiting quarterly results from Warner Bros Discovery and Bloomin’ Brands, both scheduled to be released before the opening bell on Friday. These reports will likely provide further insights into the market’s direction and potential opportunities for investors.
With the recent surge in stock prices and positive market sentiment, it is an exciting time for traders and investors. The market’s resilience and the contributions from various sectors have created an optimistic outlook for the future. As we continue to navigate through these unprecedented times, it is crucial to stay informed and seize potential opportunities that arise in the ever-changing landscape of the stock market.
– CNBC’s Chris Hayes contributed reporting.