U.S. stock futures traded mixed in Asian trading Friday after Nvidia's earnings drove a broad tech rally on Wall Street. Investors now turn to Federal Reserve Chair Kevin Warsh's first keynote speech as chair, due at the Jackson Hole symposium.
S&P 500 Futures edged 0.1% lower to 7,734.75 points, while Nasdaq 100 Futures fell 0.3% to 29,602.75 points by 02:44 ET. Dow Jones Futures rose 0.1% to 53,681.0 points.
Nvidia's earnings lift the broader market
Nvidia shares jumped 8.7% during Thursday's session after the chipmaker delivered a bullish revenue outlook, easing concerns that spending on artificial intelligence had started to slow. The rally spread quickly across the market: the S&P 500 rose 0.7%, the Nasdaq Composite jumped 1.6%, and the Dow Jones Industrial Average advanced 0.2%.
Gains concentrated in technology and AI-linked names, with Salesforce and CrowdStrike also posting strong advances. Nvidia's forecast for continued rapid revenue growth reinforced investor confidence in AI infrastructure demand and lifted semiconductor shares more broadly.
Warsh's Jackson Hole debut looms
Attention now shifts to Warsh, who is scheduled to deliver his first keynote address as Fed chair at the annual Kansas City Fed symposium in Wyoming. Investors are looking for clues on the central bank's approach to inflation and interest rates, particularly after recent data showed persistent price pressures. Markets have also been watching Treasury yields closely, with concerns about inflation, government borrowing, and the monetary policy outlook keeping longer-dated yields elevated.
Earlier this week, Wall Street had been subdued after hotter-than-expected inflation data renewed concerns about the Fed's room to ease policy. Crude oil prices also rose Thursday amid geopolitical tensions, after a Wall Street Journal report said President Donald Trump is not interested in returning to the terms of a memorandum of understanding reached with Iran in June.
Movers in after-hours trading
In Friday's extended trading, PayPal shares tumbled nearly 14% after a Bloomberg report said a consortium of Advent International and Stripe had abandoned its pursuit of the payments company. Gap shares jumped over 13% after hours as the retailer reported better-than-expected adjusted second-quarter earnings and named Michael Francis as the incoming CEO of its Old Navy brand. Marvell Technology shares fell about 7% despite a robust outlook, as its non-GAAP gross margin forecast came in below consensus estimates.
Source: Investing.com
Trading involves risk.
Risk Disclaimer
