Traders on the floor of the NYSE, July 6, 2023.
Source: NYSE
Stock futures hovered around the flatline Friday, after the S&P 500 and the Nasdaq Composite posted their best day since early 2023.
Futures tied to the Dow Jones Industrial Average ticked up 59 points, or 0.1%. S&P 500 futures gained less than 0.1%, while Nasdaq 100 futures edged down 0.1%.
In premarket trading, Block surged more than 15% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 30% after the used car retailer said it expects retail units to grow in 2024.
Wall Street is coming off a monster session, with the Dow and S&P 500 hitting record highs, as Nvidia shares roared higher on strong quarterly results.
The S&P 500 added 2.1% for its best day since January 2023, while the Nasdaq Composite popped 3% for its best session since February 2023. The tech-heavy Nasdaq is within striking distance of its closing record of 16,057.44, registered in November 2021. The 30-stock Dow gained 1.2%.
“Blockbuster earnings from tech giant Nvidia sparked the rally, but many sectors contributed,” said Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. “This is a very constructive breakout.”
Indeed, 10 of the 11 S&P sectors were positive Thursday, with utilities being the sole loser. Industrials and health care closed at fresh records.
All three major averages are also now on track for winning weeks: The S&P 500 is pacing for a 1.6% advance, while the Nasdaq has gained 1.7%. The Dow is up 1.1% for the period.
Fed Governor Christopher Waller spoke after the close Thursday and underlined the central bank’s position that policymakers will move carefully as they contemplate their next moves on monetary policy. Waller said hot January inflation reads raised the possibility that cuts may have to be postponed. He said he will need to see “at least another couple months” of inflation data before deciding how to proceed.