US pre-open: Markets to extend records as Nvidia rally continues

20th Jun 2024 09:23

(Sharecast News) - US stock futures were pointing to a positive start on Wall Street on Thursday as markets reopen after the Juneteenth public holiday, with the S&P 500 and Nasdaq expected to test new record highs.

Futures on the S&P 500 were up 0.4% in pre-market trading, with the index having closed Tuesday's session at a new all-tiime high of 5,487.03, while the Nasdaq was up 0.6% from its previous record close of 17,862.33. Meanwhile, the Dow was up 0.2% ahead of the opening bell.

Helping gains early on was another strong rise from Nvidia in pre-market trading, with futures showing another solid increase for the chip group - now the largest publicly listed company in the world after overtaking Microsoft earlier this week.

"US market returns from its Juneteenth holiday to find Nvidia looking to extend its new lead amid a 3.5% pre-market gain for the tech giant," said Joshua Mahony, chief market analyst at IG.

"That 3.5% gain would see Nvidia add another cool $117bn in market cap, highlighting another likely day of outperformance for the Nasdaq and S&P 500."

While investors will be digesting a flurry of central bank meetings overseas - notably in the UK, Switzerland, Norway and China - Thursday's session will also see the release of several leading macro indicators on home shores.

US building permits, housing starts, jobless claims and the Philadelphia Fed manufacturing index will all be due out at 0830 EDT, while a close eye will be kept on speeches from Federal Reserve policymakers Neel Kashhkari and Thomas Barkin later on in the session.