S&P 500 futures are rising as Wall Street hopes Nvidia remains the leading market

S&P 500 futures are rising as Wall Street hopes Nvidia remains the leading market. Traders on the NYSE trading floor, May 11, 2023.

Source: NYSE

S&P 500 futures rose Thursday morning as investors looked for the benchmark to add to the last record.

Futures linked to the broad market index added 0.29% Nasdaq 100 Futures advanced 0.64%. Dow Jones Industrial Average Futures retreated 17 points, or 0.04%.

Stocks are off to a winning week after the S&P 500 hit a new all-time high Tuesday along with the Nasdaq Composite. The stock market was closed on Wednesday for the June holiday.

Nvidia led the charge higher as the artificial intelligence darling and chipmaker surpassed Microsoft to become the most valuable company in the world. Nvidia shares are up 174% in 2024 as the AI ​​boom continues to boost the stock.

Stock chart icon

Nvidia stock is up 174% in 2024.

Nvidia surpassed Apple in market capitalization earlier in June and has cemented its position as the de facto market leader at the helm of Wall Street’s vibrant AI theme. Investors continue to flock to AI heavyweights even as consumers show slowing signs of spending and signal potential economic weakness. Nvidia’s rise has spread to peer chipmaker Broadcomwhich will increase by more than 61% by 2024.

“Is it any surprise that we continue to argue that Wall Street (i.e. the SP 500) beats a different drum than Main Street (the underlying US economy)?” Citi head of U.S. equity strategy Scott Chronert wrote in a note Tuesday. “Undoubtedly, the generative AI influence as a persistent growth driver is currently permeating the US equity environment.”

Still, some commentators have raised concerns that a lack of market breadth beyond the largest tech companies could worsen, although the downbeat sentiment has yet to fully impact the stocks that continue to break records.

“[The AI theme] has a very 2000-2001 feel, but as we know the market can remain irrational longer than you can remain solvent,” says Thomas Fitzpatrick, managing director at RJ O’Brien and Associates. “There will be a day of reckoning, but [it’s] hard to get in the way of a speeding train.”

Investors will also be analyzing new economic data in the second half of the week, including early unemployment benefits figures and data on the housing market start on Thursday morning.

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