Stock futures showed minimal movement on Thursday evening, following a robust performance from the S&P 500 and the Nasdaq Composite, marking their strongest gains since early 2023.
Futures linked to the Dow Jones Industrial Average edged up by 24 points, equivalent to 0.06%. S&P 500 futures saw a marginal increase of 0.05%, while Nasdaq 100 futures experienced a slight decline of 0.02%.
After the closing bell, Block saw a remarkable surge of over 13% following fourth-quarter revenue that exceeded Wall Street’s expectations. Carvana also experienced significant growth, climbing 23% after announcing its anticipation of retail unit expansion throughout 2024.
During regular trading hours, the market witnessed a robust rally primarily driven by Nvidia’s impressive performance. The chipmaker soared by 16%, buoyed by strong quarterly results. The S&P 500 surged by 2.11%, marking its most substantial single-day gain since January 2023, while the Nasdaq Composite rallied by 2.96%, representing its most significant session increase since February 2023. Notably, the Nasdaq Composite is nearing its previous closing record of 16,057.44, achieved in November 2021. The Dow also closed at a record high, rising by 1.18%.
Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report, commented on the market rally, attributing it to Nvidia’s stellar earnings while highlighting broad sector participation. Tentarelli characterized the breakout as “very constructive.”
Remarkably, 10 of the 11 S&P sectors closed positively on Thursday, with utilities being the lone decliner. Both industrials and healthcare sectors closed at new record highs.
The positive momentum has positioned all three major indices for a winning week, with the S&P 500 on track for a 1.6% gain, the Nasdaq showing a 1.7% increase, and the Dow up by 1.1% for the period.
Investor attention now turns to the quarterly results from Warner Bros Discovery and Bloomin’ Brands ahead of Friday’s opening bell.
